Questions for Buyers and Vendors during lockdown

27th May 2020 posted in SELLERS BUYERS

While everyone is trying to deal with the challenges of the COVID-19 pandemic, most people are looking for information and guidance. No matter what you do, or where you are based, you are looking for advice from experts that will help you to stay safe, care for others, and make the most of life right now.

We know many people have questions about the property market during the lockdown. Even now, with the Government advising estate agents to welcome buyers and vendors, we know many people have questions they want to be answered. We are here to assist you, and if we can provide you with any support or guidance, please let us know.

What will demand for homes be like after lockdown ends?

  • As you would expect, there was a spike in demand for property when the Government announced the housing market could operate fully again. The headline figures from Rightmove include:
  • An increase of 111% for week-on-week figures for new sales listings, which occurred on the day the housing market reopened
  • From the Tuesday to Wednesday when the market re-opened, the number of unique enquiries from prospective buyers doubled
  • The interest from buyers on the day the market re-opened was only 10% less than the figure for the same day in 2019
  • Demand for rental property is increasing, with the re-opening of the market resulting in the highest number of unique enquiries since September 2019

Will there be measures to support the housing market?

While some people are keen to move as soon as possible, we appreciate many prospective buyers and vendors would prefer to hold off. You might wish to wait to review your circumstances and finances, or you might be waiting to see if the Government will incentivise market action.

There have been calls for a stamp duty holiday or a cut in rates. While this would be welcome, there are many challenges and demands on the Treasury right now, so this may not be a priority.

Interest rates remain low, and these are likely to do so for a considerable while, so there is an opportunity for buyers to arrange an affordable mortgage. This is positive news for buyers, but it can be a positive factor for vendors too. After all, if there are more willing buyers, there is a greater chance of selling your home.

Will property viewings change in the future?

There is no denying virtual viewings assisted buyers and vendors to connect in the past few weeks. With social distancing measures still in place, virtual tours still have a place in the buying and selling process, and this is likely to be the case for some time to come.

Moving forward, video tours will likely remain important, but whenever it is safe to do so, actual viewings are recommended. We are on hand to ensure these happen safely, and we are more than happy to talk you through the process.

Currently, in line with Government guidelines, our Hitchin branch is open by appointment only. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 452951 or email hitchin@country-properties.co.uk.