Post Lockdown

Tuesday, July 28th, 2020

Estate agents have been back to being fully functional for several weeks now, at the time of writing this post – the restrictions were lifted mid May 2020 with a massive impact due to viewings, completions and removals being placed on hold from March.

Zoopla estimated that 373,000 property sales were put on hold at an approximated value of £82 billion.

From reading numerous articles, it would appear that prices in London have been more negatively impacted than surrounding counties, mostly due to the increase in working from home, and the desire to move to properties with gardens and space rather than London commuter convenience.

The Stamp Duty Holiday implemented recently, until 31st March 2021, has help to boost incentives to move, with savings as follows:

House Prices of £300,000 could make potential savings of £5,000

House Prices of £450,000 could make potential savings of £12,500

House Prices of £500,000 could make potential savings of £15,000.

Let’s hope the above Stamp Duty savings will manage to prevent too big a slump in the property market.

Stamp Duty Holiday savings

 

Buying or selling during Coronavirus

Wednesday, April 8th, 2020

What extraordinary times these are – who would have imagined that the housing market would come to an almost standstill due to a flu virus?

The Coronavirus COVID-19 pandemic happened so quickly and has changed life so radically.

Buying, selling, and moving home is a stressful part of life normally, but add the current restraints imposed, and the ‘UK Lock-down’ it must be exasperating for thousands of people in the midst of buying or selling.

‘Self-isolation’ and ‘social distancing’ are new behaviours we all comply with now and were unthinkable even six weeks ago, but these two restraints have disabled a great many activities involved with instructing an estate agent and/or holding viewings, followed by conveyancing – are these essential workers?

I am amazed that new properties are still coming to the market on Rightmove, but noticed that one local agent explained that all the photographs used were taken by the owner and uploaded to the agent for use on their Rightmove portal.  It is possible to do viewings without the owner or agent being present so that social distancing is adhered to, but this approach is far from ideal.  Needs must I suppose because there will be scenarios where selling (and buying) is urgent and can’t wait until ‘lock-down’ ends in 3 days/weeks/months or even as long as 12 months!

Here is an article by Rightmove that may give some guidance:

Government issues coronavirus advice for movers