The return of the housing market, an essential post Covid-19 economy boost
I’m sure that all you’re currently seeing everywhere is the news of the lockdown guidelines released on Monday (11th May) and how they will change everyday life for the country and the economy. We at LPC Invest have devised a simple article cutting through the mass of information currently circulating on the topic and bring you what the guidelines mean for the property market, how it’s going to be executed and how essential this move is to bring our economy bouncing back.
In addition to the fifty-page document released on Monday, the government website also offers guidance on how to operate within the housing market currently, that is updated as and when necessary. The guidelines themselves cover moving properties to viewing and purchasing and are the foundations on which the housing market will begin to bloom in a post covid-19 market.
The guidelines for investors clearly outline a reintroduction of viewing properties, however, with social distancing measures and precautions in place, such as only members from one household can view a property or plot of land at a time. Buyers are also encouraged to only visit properties that they believe they are close to purchasing, in an attempt to prevent the unnecessary spread of the virus. Prior to the viewing taking place, all internal doors should be opened with full access to hand washing facilities for viewers. The agent and viewers are expected to follow social distancing protocols where available and if they are not accompanied, the viewers are expected to be informed of how to conduct themselves.
The guidance states that you are free to reserve properties as normal, although where needed your legal adviser should help you and ensure that all contracts and agreements are as flexible as possible, should one of the parties show symptoms of the virus and begin to self-isolate, delaying a move. Should you wish to visit a property that you have purchased, for whatever reason, social distancing measures and hygiene protocols should be kept to and avoid contact with others where possible. If you have purchased a property and wish for a tradesperson to visit to carry out inspections, this will be executed with one person visiting at a time from each household, but they cannot enter a building where a household member is self-isolating or displaying symptoms. All visits should follow hygiene guidelines to ensure the safety of all parties involved and prevent the spread of the virus.
With many talking of the potential dangers of reopening the market whilst still in the outbreak, this is counteracted with the necessity to open the market in order to provide the economy with the greatest influx of wealth and business. The property market pre-virus was experiencing its greatest performance in years with house prices at an all-time high and interest in the market booming. In order to return to this level of interest and generate wealth for the country, the market had to be one of the first things to open. Before the Covid-19 outbreak, sales were up 11% on the same period last year and in order to return to this, the government has provided incentives to encourage moving as a key part of the economic recovery, with mortgage lending continuing to lend on the same terms as before the lockdown.
This development in easing the lockdown limitations and reopening the housing market currently only applies to England, therefore if you are interested in viewing properties in Ireland, Wales or Scotland, this will not be possible currently.
We at LPC Invest are encouraged to see our beloved market return to its boom once again as we continue to provide our new and regular clients and customers with the best investment opportunities in the market and keep it simple.