Positive Hopes for the Housing Market
With the country now awaiting further news and clarification from the Government on the next steps to be taken in response to the Coronavirus outbreak, there is hope is that the housing market could be provided with a recovery boost post-lockdown.
Ahead of the pandemic and as the housing market was approaching its peak time of year, optimism was high with house prices steadily increasing. However, as with most areas of life at the moment, all changed with lockdown and with Government advice from the outset that people where possible should delay moving to a new house while the measures to fight COVID-19 were in place.
But with mortgage-lenders Nationwide announcing pre-lockdown growth it’s hoped that this optimism has only been temporarily frozen rather than stifled completely, allowing quick movement in the market to get things back up and running as quickly as possible once restrictions are lifted.
Much will ultimately depend upon the longer-term effects on the economy, but it’s hoped measures employed by the Government to support businesses and protect jobs will give enough income protection to ensure the impact on the housing market is lessened, unlike during the previous 2008 economic crisis.
Obviously lockdown restrictions have inevitably slowed down transactions and peoples’ physical ability and confidence to want to view, buy, sell and move. But if pre-March figures are a guide, demand is certainly there, just on hold, and could also be buoyed by extra people making new life decisions during lockdown and those looking to capitalise on any added value made from all those lockdown home improvements.
But whatever happens next, with lockdown restrictions entering week eight, the industry has certainly learnt to adapt and continues to support people in progressing with their sale or purchase – and at Fosters we have been doing just that.
How We Can Help
The Fosters’ Residential Team have continued to help people move and sell their properties during this crisis, be available to give advice on what is currently possible, or at least place clients in a position to be able to make the best decision for them post-lockdown.
Fosters’ Head of Residential Rebecca Laws explains: “The last few months have certainly been challenging whilst our industry adapted to the lockdown, positively our current cases have still continued to move along nicely and we’ve been able to reassure our clients that their property transactions haven’t come to a standstill.
“We are still very much helping clients to complete on their property matters where possible, whilst adhering to the Government Guidelines, and we’re able to make sure that our clients who are not able to physically move at the moment, are at the stage where they are ready to complete as soon as the restrictions are lifted.
“We’re already supporting lots of clients who are eager to start their moving journey. There’s lots we can do to make sure the first stages in the conveyancing process have been completed and our clients are in the best possible position to move quickly and reduce future transaction times, whether they have sold their property or not.
“If you’re thinking of mortgaging or transferring equity in your property, if you’re getting ready to buy or sell a property, we’re here to help and answer any questions you may have, it’s never too soon to make that enquiry.”
If you would like to discuss how we can help you with your legal property enquiry at this time, please do get in touch with our Residential Conveyancing Team by calling 01603 620508.
We are also able to provide a no-obligation quote – so do please contact us today to see how we can support you with our range of legal property services, which include providing help to buy or sell your home, re-mortgaging or the transfer of equity.
The full Government guidance regarding moving house at this time is available here.
This article was produced on the 11th May 2020 by our Residential Property team for information purposes only and should not be construed or relied upon as specific legal advice.