15 May 2020
The UK’s housing market is expected to recover following Prime Minister Boris Johnson’s announcement that lockdown measures will be eased, with house sales and relocations due to resume.
People will now be allowed to leave the house for property viewings and to visit estate agents, according to the new regulations which were rolled out in Britain earlier this week.
According to recent changes made to the Health Protection (Coronavirus, Restrictions) regulations in Britain, a valid excuse to leave the house will now be extended to several other activities including the purchase, sale, letting or rental of residential property.
Since Prime Minister Boris Johnson imposed strict lockdown measures across the nation on March 23, roughly 373,000 property transactions worth a total value of £82 billion were put on hold, according to property website Zoopla.
Those in search for the ideal home have been attending “virtual viewings” in recent weeks, but have still been reluctant towards making any final decisions when it comes to property transactions.
However, recent research from Savills shows that although prospective homeowners have been slightly less willing to make any short-term decisions, they are more open to planning future investments and securing property transactions for the long-term.
As the housing market resumes, new advice issued for everyone in the property market chain will also be included, from estate agents to surveyors.
The government’s latest rules require the property market to still maintain its two-metre social distancing measures when it reopens. Additionally, during home viewings, those present have to make use of the necessary safety equipment, such as wearing protective gloves.