The re-opened housing market

Last month, the government announced that the buying and selling of homes was to be permitted again amid the coronavirus pandemic.

Estate agents and letting agents were also allowed to re-open and start viewings of properties for potential buyers and renters, and valuations were permitted to be undertaken. It was thought that many would be nervous of allowing people into homes and whether this can be done safely, especially given that other lockdown measures have not been eased. However, agents are reporting that there are a large number of people eagerly waiting to get their properties on the market and that buyers are enthusiastically wanting to get viewings booked in and even having online viewings to get a feel for the properties that catch their eye.

There are questions as to whether buyers will now be asking for price reductions or whether buyers will wait to see what happens to prices over the coming months. After time spent working from home, some buyers may be looking at buying away from larger cities having realised that many can work from home just as affectively and do not need to be in close proximity to their workplace. Rightmove has reported a rise in searches for homes away from city centres with larger gardens and space for a home office meaning that it is likely the housing market will see regional differences in activity and buoyancy.

Although there are worries about wage cuts and job losses leading to possible recession, experts are also reporting that the market is beginning to stabilise already. This may because the current pandemic situation is not a typical economic downturn situation.

Mortgage lenders are reporting high demand, especially from first time buyers who are looking to take advantage of low interest rates, though lenders are wary of being known as ‘irresponsible lenders’ in the current climate, something that still haunts some banks after the financial crash in the 2000’s.

If you are thinking of buying or selling, or have any questions, please give us a call today to see if we can help. The property lawyers at all our offices have continued to work throughout the lock down.