How the UK’s property market is making a Coronavirus comeback
Is now a good time to move? If you are currently “on the fence”, we thought we would share some developing news to help you make the right decision.
In recent months we have seen the impacts of the COVID-19 lockdown affecting the property market. The government restrictions meant a freeze in transactions, leaving 450,000 buyers and renters unable to move. The process of buying or selling homes was made either impossible or extremely difficult and Conveyancers, such as us, were told to continue to support the process as far as possible until the green light was given.
Now, with the Coronavirus pandemic easing and many restrictions beginning to lift, we are seeing early positive signs that the property market is already beginning to recover.
Home-hunters have sprung into action and it seems that England is moving once again. Popular property website, Rightmove, is reporting an impressive 40,000 sales since the market re-opened in mid-May – only 3% down from last year’s figures. Not only this, but offers are being agreed at 97.7% of a property’s asking price.
Laura Everitt, who is Head of Conveyancing at Osborne Morris & Morgan says
“This evidence is extremely positive and will put many people’s minds at ease. We are certainly seeing an increase in residential Conveyancing enquiries and instructions, including requests for free quotations for property transactions.
It seems the Covid-19 lockdown has made everyone consider their choices with regards to where and how they live and many ultimately deciding that now is the time to move.”
So, why move now?
The pandemic is not only changing how we live, it can also dictate where we live too. Here are just some of the reasons why moving home can be attractive right now.
In search of the idyllic country life
Being cooped up in crowded cities has meant that many are choosing to look to move to more remote destinations, such as outside of London. According to Homes & Property, it is believed that four in 10 buyers are now considering moving to countryside locations for better quality of life.
Away from the viral hotspots
The Coronavirus has also highlighted the health implications of living in a virus “hotspot”- where a high ‘R’ rate will mean a higher chance of how a single person will go on to infect others around them.
Remote working creates opportunities
For many of us, our new way of working remotely from home gives increased flexibility. With the prospect of fewer days of weekday travelling, many are considering a longer commute to work in favour of a countryside retreat.
Smaller mortgage
This Coronavirus crisis has really tested the UK population’s employment and finances to the extreme. So much so, that the decision to move house may not be a choice, or we are tempted to search for better value by moving out of area.
Moving to a catchment area
Moving house to secure a school or college place has always been a ‘thing’. But, perhaps even more so as we may be judging how the institutions are reacting to the Coronavirus crisis and lockdown. Now is the time that we start to see an increase in activity due to this very reason!
Planning on moving? Here’s our top tip:
If the Coronavirus crisis has taught us one thing – it’s that an awful lot of time-saving work can be done before the signing of contracts, even before offers are accepted.
Most people wait until they have had an offer accepted before instructing a solicitor to do their legal work, better known as Conveyancing. However, as Conveyancing experts ourselves, we know that if home-movers are organised and instruct their Conveyancers on placing their property on the market, forms and ID checks can be completed so that the contract can be drawn up, reducing the transaction time dramatically. This also dramatically reduces the risk of your transaction falling through – it is a big WIN-WIN scenario!
The overriding message, as Laura says, is; “The quicker you choose a Conveyancing expert and complete your forms, the quicker you will move home”.
Here at Osborne Morris & Morgan, we are still here for you as our staff continue to work safely from home. To arrange a call with one of our expert Conveyancers, or for anything else, please contact us either by phone on 01525 378177, email via info@ommlaw.co.uk, or online – where our teams are ready to help you. We wish you all well during these challenging times.
