The property market will continue to operate despite the new lockdown
The market faces this new lockdown with better preparation.
Prime Minister Boris Johnson has instructed people to stay home whenever possible, while schools and nonessential stores have been closed.
However, visits are still possible, while surveys can continue.
“People are still enthusiastic, the market is still open.”
Tomer Aboody, principal at real estate lender MT Finance, said: “Unlike the first closing, real estate agents remain open to the public, and both sellers and buyers remain willing to proceed with their transactions.”
“With attorneys, appraisers, and agents still working, this should limit any further delays in transactions.”
“Now it depends on how comfortable the sellers are in terms of allowing potential buyers to view their homes and buyers feeling comfortable attending tours. Extra precautions will be taken on all sides to allow visits to continue.”
He added: “Our appetite for lending has not changed at all. We believe that the market will not be affected as it was last year because an end is in sight, thanks to the launch of the vaccine program.”
“This, along with the fact that appraisers and attorneys can still work and there is still access to properties, should bring more confidence to the housing market as a whole. Borrowers, in turn, will feel more confident that their transactions will be completed.”
Jeremy Leaf, a North London estate agent and former RICS residential chairman, expects the housing market to take a hit.
He said: “While the real estate market remains open for business, the new lockdown will have some impact on surveyors, moving companies, etc., and, in the circumstances, it would be prudent for the Chancellor to reconsider the stamp duty deadline.”
“Those who have moved heaven and earth to meet the deadline should not be penalized now if they do not do so through no fault of their own.”
The market can continue to operate with some normality.
Paul Offley, a compliance officer for The Guild of Property Professionals, said real estate agents have a moral obligation to work as safely as possible, given the situation.
He said: “With the rate of infections increasing once again due to the highly contagious variant of Covid-19 making its way into the country, now more than ever agents must continue to act safely to ensure they are protecting the public and do everything possible to minimize the spread of the virus.”
“While the government may allow physical views, given current circumstances and the virus’s resurgence, agents need to ensure that physical views only take place as the last step after they have gone through much of the process with potential buyers.”
“In fact, I would go so far as to say that in the current situation with the rate of infections increasing, agents have a moral obligation to ensure that all buyers go through the process of virtually viewing a property before anyone else face to face a personal appointment is held.
“Buyers should also consider whether there is a real need for the appointment to take place now or consider whether the appointment could be postponed until restrictions are relaxed.”
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