Estate agents back the idea of the end of lockdown.
The Prime Minister’s idea will be welcomed by the property market.
Representatives of the property market have backed the government’s plan to slowly end the lockdown.
Prime Minister Boris Johnson has presented a roadmap out of the UK lockdown, which has been in place since January.
Schools are scheduled to reopen on March 8; restrictions on local travel will be lifted on March 29, while as of April 12, outdoor shops, hair salons, gyms, and bars will be able to reopen.
Estate agents are positive about the news, saying it ends the uncertainty plaguing the market.
“The outlook for the property market is encouraging.”
Marc von Grundherr, Director of Benham and Reeves, said: “We now have a clear vision of when we can expect normalcy to return and as the nation begins to reopen for business we should see the economy return to action.”
“While the housing market has held firm in the face of the current pandemic, this increase in broader economic sentiment should continue to build on the solid foundation of market health driven by the stamp duty holiday.”
“With the loosening of restrictions that also helps the industry facilitate existing and future transactions more easily, we can expect both the number of homes sold and the value at which they are sold to continue to rise over the next several months as clear the buildup.”
Alistair Elliott, senior partner and chairman of Knight Frank’s group, agreed but felt that the government should have announced a specific time on when people return to work.
He said: “It is excellent news that Britain’s third lockdown is starting to soften, yet now we cannot waste time rescuing our towns and urban centers.”
“Despite a series of positive announcements today, it is still very disappointing that the government has yet to set a date when people will be encouraged to return to the workplace.”
“Many of the companies that the Prime Minister has announced may begin to reopen will require the return of travelers for this to be viable.”
“It is also particularly pertinent given that mental health problems appear to be growing and massive work from home is a constant struggle for companies. The industry now needs clear guidance on how employers can re-engage their workforce.”
The new normal in the UK
James Forrester, managing director of Barrows and Forrester, said: “Good news for the real estate market that has been running on-demand fed artificially from a suspension of stamp duty.”
“With this due to ending in March, there was a degree of uncertainty about the future of the market and whether we would see property prices plummet as a result.”
“Now that normality is beginning to return, this is unlikely to materialize and, although the market will reach a more measured level of activity after the stamp duty holiday, this will be far from the collapse that many have predicted.”
Hugh Wade-Jones, managing director of Enness Global Mortgages, felt the announcement could stimulate foreign investors looking to buy a Prime property.
He said: “A clear plan of action will not only help stabilize the domestic market ship, but we should also see interest from foreign buyers in the UK market start to rise once again.”
“While demand from foreign buyers in the UK high-end market, in particular, has been stable, travel restrictions have reduced appetite to some degree.”
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