Housing Market to Restart
The housing market is set to resume from 13th May after changes made to lockdown restrictions were announced late on Tuesday. This has come out of the blue for many who were expecting measures to stay in place until at least June. Buying and selling homes will be permitted again, although Housing Secretary Robert Jenrick advised that social distancing measures must be adhered to. It is estimated that there are some 450,000 transactions on hold and thousands of mortgage valuations in the pipeline.
This is a major step in kick starting the country as the housing market is considered a cornerstone of the economy and there were fears that a prolonged lockdown period would cause a downward shift in confidence in the housing market. There are questions as to whether buyers will be asking for price reductions amid growing uncertainty in prices, will or look to buy properties away from the city after time spent working from home has proved effective.
If you are thinking of buying or selling, or have any questions, please give us a call today to see if we can help.