COVID-19 Property Market Resumes
The property market along with all other areas of business has effectively been closed since lockdown commenced due to COVID-19. The government has given the green light for property sales and purchases to resume and the relaxation of lockdown measures.
This means that anyone stuck in limbo, in the middle of buying or selling can press ahead. Estate agents, conveyancers, surveyors, removal firms and storage companies can move forward so long as they can do this safely and adhere to social distancing guidelines. The priority will be to get these people moving as quickly as possible.
Currently these guidelines only apply for the property market in England, Wales Scotland and Northern Ireland remain closed.
All businesses and customers are required to remain safe and if that is not possible, the stay at home message should be adopted. Minimising the spread of the disease remains the priority.
New guidance has been developed for safe property viewings.
Whilst the property market has the green light it is expected that timescales will be longer than normal. For instance there may still be delays in the conveyancing process if local searches take longer than normal.
New homes builders will also welcome the news which coincides with relaxation for the construction industry. As sites can resume, potential buyers can also view show homes. The re-emergence of the property market demonstrates a boost for the economy. According to Zoopla lockdown meant £82 billion and 373,000 stalled property sales. It also claims that lockdown cost estate agents £1 billion in commission, so it is welcome news for them to start to recoup this.