14 May 2020
The British government has eased some of its lockdown restrictions, making room for activity in the UK housing market to restart.
As per the new regulations, people will be able to visit estate agents, attend property viewings and even relocate, all the while abiding by the government’s lockdown measures, City A.M. reports.
People will be expected to obey social distance rules and wear gloves and masks where instructed to.
The British property market had arrived at a standstill ever since the coronavirus pandemic swarmed the UK in March, prompting the government to impose strict lockdown measures. The latest move could help housing activity resume.
David Cox, chief executive of ARLA Propertymark, said: “It’s great news for consumers and the industry that the housing market is being opened up and people can let, rent, buy and sell properties again.
“The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers.
“It’s also a step to reinvigorating the housing market and will be a boost to the economy.”
According to estate agent Knight Frank’s recent data, property transactions during the week ending May 2 had tumbled to 54% below their 5-year average.
However, new buyer registration data indicates that people had began preparing for life after lockdown.
During the week ending March 28, registrations fell to 77% below the 5-year average in London. By May 2 however, this decline had lessened to 60%, while the number of new prospective buyers increased twice as much over the same period, pointing towards hope of a swift recovery in the housing market.