Reopening of the Housing Market
Last week the government announced key updates regarding the property market which may change the position of many people with regard to buying and selling properties. On Wednesday, it confirmed that the public can now visit property agents and view properties provided that social distancing measures are in place. All activities that support the sale or purchase of a property are also able to resume.
Prior to last week’s announcement, the property market had slowed down significantly. Estate and letting agents were forced to close their offices and social distancing and movement restrictions prevented viewings from taking place. This limited many legal property professionals to working with clients on getting their sales and purchases ready to the point of exchange but generally without being able to complete.
So what has changed?
- Since lockdown estate and letting agents have been closed. New government guidelines now allow agents to reopen offices and operate business with social distancing measures in place.
- Surveyors will now be allowed to enter properties to perform physical valuations, again with appropriate social distancing measures in place.
- Many mortgage brokers have been operating remotely since lockdown to continue to support people in obtaining the right mortgage product.
- Removal companies can return to business but they will have to practice social distancing during moving operations.
The government’s news has been welcomed by many in the property industry as many transactions and developments have been put on hold since lockdown.
Nazish Ahmad, Partner at Healys Brighton comments:
“With over 300,000 house transactions estimated to have been paused since lockdown measures were introduced in March, the government’s step to reopen the housing market will support thousands of jobs and be a well-needed financial boost to England’s economy.
“Healys conveyancing teams have remained operational during lockdown and have worked closely with agents and other industry professionals to prepare clients’ transactions ready for completion. Now restrictions have been eased, it is essential that all industry professionals work together to support clients in their transactions while adhering to government guidelines.”
Healys property departments remain open for business and available to support you with any related queries. To receive a quote, please click here.
For more information on residential sales and purchases, commercial property transactions, re-mortgages, lease extensions and transfers of equity, please don’t hesitate to contact us at firstname.lastname@example.org.
Alternatively please visit our website for more legal updates and to share any other legal enquiries: www.healys.com