What does the latest lockdown mean for the property market

On Monday 4th January, Boris Johnson once again announced that England was to return to a country-wide lockdown in a bid to curb the rising number of Coronavirus cases.

But how do the latest rules impact the property market?

Let’s start by understanding what the previous two lockdowns meant for the property market?

During the first lockdown in March, there was a temporary halt to the majority of market activity with professionals in the property industry, such as estate agents and conveyancers, unable to work at all for a period of 6 weeks.

The second lockdown came into effect in November, but thankfully for the industry, the housing market was allowed to remain open, due to its strategic importance in any economic recovery.

What are the new rules on selling, buying and moving?

The housing market remains open during the latest lockdown with estate and letting agents, tradespeople and removal firms all being allowed to work in people’s homes, with the necessary precautions. This allows the large number of homebuyers and sellers wanting to take advantage of the stamp duty holiday to progress their transactions.

Can property viewings still take place?

Yes. If you are actively looking to move or invest, you can still view properties in person. However, it is advised that if possible, you start your search online and undertake virtual viewings where available. We anticipate that this become the new norm for people, reducing the amount of time taken to view properties in person.

Can buyers and tenants still move home?

Yes. During the lockdown, buyers and tenants can still move home, however according to new regulations, and in-keeping with social distancing, those outside a household or individual support bubble should not help with moving unless it is absolutely necessary. The Government have also advised that the moving process should be carried out safely, with people wearing face coverings, practicing social distancing and letting fresh air into the property throughout.

The property market is very resilient and has shown its ability to adapt quickly to changes in work-patterns. If the second half of 2020 is anything to go by, and especially now that COVID vaccines are being rolled out, we expect investors to have a much more bullish attitude to investing in the year to come.

On Monday 4th January, Boris Johnson once again announced that England was to return to a country-wide lockdown in a bid to curb the rising number of Coronavirus cases.

But how do the latest rules impact the property market?

Let’s start by understanding what the previous two lockdowns meant for the property market?

During the first lockdown in March, there was a temporary halt to the majority of market activity with professionals in the property industry, such as estate agents and conveyancers, unable to work at all for a period of 6 weeks.

The second lockdown came into effect in November, but thankfully for the industry, the housing market was allowed to remain open, due to its strategic importance in any economic recovery.

What are the new rules on selling, buying and moving?

The housing market remains open during the latest lockdown with estate and letting agents, tradespeople and removal firms all being allowed to work in people’s homes, with the necessary precautions. This allows the large number of homebuyers and sellers wanting to take advantage of the stamp duty holiday to progress their transactions.

Can property viewings still take place?

Yes. If you are actively looking to move or invest, you can still view properties in person. However, it is advised that if possible, you start your search online and undertake virtual viewings where available. We anticipate that this become the new norm for people, reducing the amount of time taken to view properties in person.

Can buyers and tenants still move home?

Yes. During the lockdown, buyers and tenants can still move home, however according to new regulations, and in-keeping with social distancing, those outside a household or individual support bubble should not help with moving unless it is absolutely necessary. The Government have also advised that the moving process should be carried out safely, with people wearing face coverings, practicing social distancing and letting fresh air into the property throughout.

The property market is very resilient and has shown its ability to adapt quickly to changes in work-patterns. If the second half of 2020 is anything to go by, and especially now that COVID vaccines are being rolled out, we expect investors to have a much more bullish attitude to investing in the year to come.