What will the Housing Market look like moving forwards?
The housing market has been given a green light from the Government, allowing it to resume; after being lifted from a seven week freeze on property viewings and home moves.
Home viewings are still not permitted in Wales and Northern Ireland. However, the English Government set new rules allowing people to conduct non-essential house moves, view properties to rent or buy, visit estate agent offices and progress with their sales and purchases.
The Government has issued detailed guidance for how house viewings and sales need to be conducted using social distance. These include a ban on open houses, restricting viewings to only members on one household, and asking sellers to vacate properties during viewings. However, things could quickly change, and the Government has announced that if analysis instructs that restarting the housing market could potentially cause destruction to the flattening of the virus; everything could be put on freeze again.
The property market freeze has brought a far more extreme plummet in sales than was seen after the financial crash. Even as the restrictions lift, falls will be sustained in the coming months. Housing prices will continue to fall for the remainder of this year; and hopefully an increase will begin to be seen by the start of 2021.
Should you buy a house after Lockdown?
Buying into a falling market brings risks of getting a negative value on the property. This is a particular problem for buyers looking to buy-to-let. On the contrary, if you looking to buy a property for long-term, now is the perfect time to invest.
Should you still sell my house?
House viewings are now possible, under the strict guidelines instructed by the Government. Sellers are advised to clean surfaces, open doors, turn on lights, and provide sanitation around the property for viewers to keep maximum care.
The Government states that viewings should not happen unless they are definitely interested in the property, and that all initial viewings should be done online. It is advisable that some viewings should still be conducted virtually.
Unfortunately, with the major loss of jobs which have occurred due to the pandemic, many people are facing financial difficulties and will struggle to invest in the housing market. Therefore, this will fall as a disadvantage to seller looking to sell their property, as there may be more difficulty in finding a buyer and may turn into a lengthy process.
Kilnstone Property are fully dedicated to help you during this difficult time. If you need guidance on buying or selling a property, contact us today for advice.
Email: [email protected]
Phone: 01293 278312