House purchases on the move again
Those facing an anxious wait for a house move during lockdown can now breathe a sigh of relief, as the industry begins to return to work.
As of Wednesday 13th May, house viewings and purchases in England can now take place once again, as conveyancers and estate agents reopen their doors for the first time since lockdown began.
It is thought that around 450,000 people, both renters and house buyers, were caught in a chain that had temporarily frozen as Covid-19 took hold. According to property website Zoopla, this equates to around 373,000 property sales that were on hold, worth an estimated £82 billion.
Strict measures will be put into place to allow any processes associated with a house move can be carried out safely, such as keeping doors open to allow minimum contact with surfaces and maintaining social distance at all times.
Zoopla’s figures show that sales were running at approximately one tenth of the normal levels, compared to the same time as last year, however, the Government has now announced plans for getting the house building sector moving, as it believes there is still an underlying demand for housing.
Property industry experts are also feeling optimistic. Spring is usually a busy time for the housing and mortgage markets so there is a chance it will pick up. Particularly as a bigger garden, more space or a home office may have appeared more appealing in recent weeks, say property agent Savills, as people have spent much more time at home and realise the appeal of a spare room and outdoor space. In fact, Savills believe that people are now rethinking their home lives so much, they may now be considering a move where they weren’t before, bringing more demand to the market.
Rightmove agree and in an article for the BBC a representative said they are also predicting that digital viewings are here to stay and remain popular for years to come, showing signs of how the house buying sector could change in the future.
At Downs Solicitors, we will always work within Government guidelines and these are strictly adhered to throughout any process, however, we are also awaiting further guidance to be released on the housing market.
For those that had put their transaction(s) on hold, now could be the time to make arrangements with removal companies etc before they become inundated with the backlog that has built up.
If you would like some further information relating to your property move, from conveyancing to rental agreements, contact Downs Solicitors to see how we can help.