English property market reopens following Coronavirus shut down
The latest announcements from the Government set out plans for restarting the housing market in England*. This was following previous advice from the Government not to move house unless you absolutely had to due to the risks from Covid-19. This left many home buyers in the frustrating position and the hope is that this easing of lockdown will help get the property market moving again as the market reopens.
What this means for homeowners and home buyers
Adam Nanson, Managing Director for Your Mortgage Expert in Salisbury comments:
“We have many clients who paused planned house purchases or sales over the last few months, while they waited for the property market to reopen. In fact, according to Zoopla, there are currently 373,000 property sales on hold*.
“This is because the essential cogs of the housing market such as Surveyors, Estate Agents and Removal Firms have been unable to work since March. As safety guidance stated they were not permitted to enter properties unless they were empty.
“While the market has been ticking along over the last few weeks with the help of Online Valuations and/or Desktop Valuations. It has meant that some mortgage products have been withdrawn because lenders require physical valuations. We hope therefore that the range of products will start to return to enable our clients to borrow amounts similar to those permitted prior to the lockdown.”
How Your Mortgage Expert can help
Adam Nanson continues:
“There will be many homeowners who will be very relieved by today’s easing of the lockdown and plans to for the property market to reopen. Many will also have used their enforced time at home to carry out home improvements with the plan of getting their house on the market. They will be hoping to be in a strong position to move as soon as possible now the market has started to reopen.
“Whether you are looking to purchase a property or remortgage your existing one, we would recommend you use a broker. This is because we work hard to remain abreast of the latest announcements and the mortgage products on the market. We know which lenders are carrying out what type of valuations and how to find the most suitable mortgage product that will get your purchase moving.
“As always, our experienced team is at the end of the phone to help answer any questions. Our whole team is currently working from home with all our systems set up to help our clients in the usual way. This is a changing situation and our team will stay on top of developments in order to provide you with the most up to date information.”
What should I do next?
If you are interested in having a no obligation chat about your mortgage or about any of the questions we have raised in this article about Covid-19 and your house purchase, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Neither Your Mortgage Expert Ltd nor TenetLime Ltd cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.