Coronavirus: The housing market resumes, sort of...
The other week Boris Johnson & the government announced an easing of lockdown meaning all business that can’t operate working from home can reopen, so long as people can keep at a 2m distance. Previously the government had put a lot on all house moves that weren’t absolutely necessary, which all but froze the property market.
Under the new lockdown guidelines moving home is allowed again, as will viewing houses. The property website Zoopla estimate there are around 373,000 property sales which have been put on hold due to lock down, so there is likely to be a flood of properties coming to market in the coming weeks.
What could this mean?
With so many properties likely to show up on the market it’s due to create a few problems for both sellers and buyers.
Viewings are going to be different
Assisted viewings can take place, but it will have to be with social distancing of 2m, which may present problems in some occupied properties. A lot of estate agents are also ensuring that surfaces are cleaned and disinfected prior to viewings taking place to ensure viewers safety.
This may present problems for sellers as it will require more cleaning between viewings and may even require you & the property occupants to leave during viewings due to distancing restrictions, although this will vary from property to property.
Traditional property sales may be slower
The demand for buying properties may also temporarily drop, as of May 2020 there are roughly 7.5 million workers in the UK who have been furloughed under the job retention scheme, meaning they are paid 80% of their normal salary. Whilst under this scheme people may be reluctant to buy properties due to the financial uncertainty and not knowing when or if they are going to go back to work.
This may mean that for sellers it takes much longer than normal to sell your property, due to the limited number of buyers in the market. There is also likely to be an excess strain put on estate agents, conveyancers, property searches, RICs & more, at least for the initial rush.
Fast house sale alternative
As the traditional property market is likely to take even longer than normal there may be a much higher demand for sell house fast services such as ourselves.
We are still open, fully operating and buying property quickly so if you are looking to sell your house fast, we can help.
It’s easy to get a quote and there’s completely no obligation, we’ll provide you an offer in as little as 24 hours. You simply have to answer a few questions about your property, have a quick chat and we’ll give you a ball park figure. If our offer isn’t suited to you, then you can try other sale options.