Property experts Paul Graham, from Christie & Co, and Luke Moore, from Dental Elite, share their views and experience on how the COVID pandemic has affected the dental property market.
|Adrian O'Dowd interviews Paul Graham:|
|Adrian O'Dowd interviews Luke Moore:|
- The COVID-19 pandemic has left its mark on the dental property market which effectively ‘paused’ during the first lockdown in March 2020 and for a few months after, but there are signs of a strong recovery
- As of September, practitioners and companies seemed to regain their confidence to start buying and selling dental properties
- Some dental associates appear to want more control of their own destiny as there was little government support for them (especially those in the private sector during lockdown) so have increasingly entered the market since the summer looking to buy their own practice
- Many missed dental appointments during the pandemic has reminded the public how much they depend on access to oral healthcare so there is built-up demand that promises a lucrative market within dental next year
- Dental corporates have had to put their business plans and targets on hold this year but they are keen to make up for lost time now and are back buying practices
- NHS dental practices appear to have become more popular during the pandemic and were well protected by the government when practices had to close earlier this year
- Private practices have also recovered well as some members of the public have struggled to secure appointments in NHS practices since they reopened in June and have instead turned to the private sector
- Practice and goodwill values dipped slightly earlier this year and some buyers appeared to take advantage by making reduced offers, citing the impact of COVID. However, values have recovered well
- It is hoped that practices’ goodwill and business valuation levels will be back to pre-COVID values by the end of March 2021.