Anyone planning to move home this year, will have had their plans disrupted or delayed due to Coronavirus. However, the property market is back up and running and the figures are encouraging!
The Halifax House Price Index, shows the average property sale in July was 1.7% higher than in the previous month of June and compared to this time last year, it is 3.8% higher. It is thought the reason why the market is seeing these rising figures is due to a lack of activity during lockdown, which has caused a surge in available properties and potential buyers. In addition to this, the initiative by the government to put stamp duty on hold for properties valued at £500,000 and below, in England and Northern Ireland has had an effect.
These figures are also backed up by the Nationwide Building Society, but although this boost in the property market is unexpected, experts are warning property sellers and buyers not to get complacent and to research fully information on buying a house.
The full effects of Coronavirus on the market are yet to be seen and the industry is calling on the government to look at extending the freezing of stamp duty to properties valued over £500,000 and below. Buyers are being advised to get information on buying a house before proceeding.
Estate agents have had to manage new ways of marketing properties to prospective buyers, including offering video tours of homes as an alternative to physical viewings. Other precautions involve hand sanitation before entering a property, shoe coverings and operating a ‘no touch’ rule.
The City Commute
Thousands of home owners have had their working patterns change during lockdown and many believe they will never return to the 9 – 5 commute ever again. With part time homeworking becoming more popular and offices splitting their teams into home/office working groups, some workers are considering moving further out of town to get more for their money and enjoy a more relaxed lifestyle.
House sellers need to consider all the facts before selling and homebuyers should ensure they are in possession of all the latest figures and information on buying a house before proceeding.
No one can predict the future of the property market, but when the support offered by the government ends, it is suspected the housing market may suffer.