Reminiscent of the ‘baby boom’ after the Second World War, the Coronavirus pandemic has produced a boom of its own – A surge of property sales, prices and interest countrywide. This comes after the property market reopened across the UK allowing all who desire to move home freely, following new government guidelines.
Statistics published by Rightmove in the past few weeks have revealed a multitude of positive signs for property, spurred on by the recent announcement of the stamp duty holiday. A 35% increase in sales agreed in England (15% increase prior the stamp duty announcement); average asking prices are up by 2.4% from March (hitting an annual height of 3.7%); with year-on-year buyer enquiries up by 75% since the start of July.
The non-negotiable time spent at home alongside forced changes to working life is altering what people prioritise in a home, with outdoor space, home offices and playrooms in high favourability. Miles Shipside, Rightmove Director and Housing Market Analyst had this to say on the matter:
“People are now re-evaluating what their must-haves are after ten weeks of staying at home. Usually home movers tell us the kitchen photographs are the most important when they’re looking at a property advert, but now agents should consider giving greater prominence to pictures of gardens and outdoor spaces to attract the attention of prospective renters and buyers.”
Elaine Penhaul, Director of Lemon and Lime Interiors shared similar thoughts:
“Many people’s mental health and wellbeing will have taken a serious hit over the past few months and there’s no doubt that many family dynamics will have changed, with more families looking for properties with home office space and playrooms.”
The resumption of the property industry was great respite for many who had their home moves put on hold due to lockdown. A study by mortgage broker Trussle (in conjunction with Censuswide) found that a huge 33% of people in the UK were planning to either buy or sell a property at the height of the Covid-19 outbreak. It was found to be more of a put-off for buyers as opposed to sellers, with 49% of buyers deciding to stop looking compared to just 20% of sellers calling off sales altogether.
If you’re wanting to move home but are unsure in this current climate, here’s a simple breakdown of the new guidelines to put your mind at ease:
What to do when buying
· Gain as much information as you can before a physical viewing - Initial viewings should be done virtually whenever possible.
· All physical viewings should be limited to members of the same household – Only bring who must be there.
· When physically viewing properties - Avoid touching surfaces where possible, wash your hands regularly and bring your own hand sanitiser if you can.
What to do when selling
· Encourage virtual viewings by liaising with your agent – To minimise the frequency of physical viewings.
· Open all internal doors and ensure surfaces (such as door handles) are cleaned after each viewing with standard household cleaning products.
· Vacating your property whilst viewings are taking place is also recommended.
Of course, never forgetting Oxford Dictionaries most likely ‘Word of the Year’ for 2020 – Social Distancing, which certainly doesn’t require anymore explanation.
Some agents have established their own revised guidelines, ensure you understand what your agent is requesting of you. But don’t worry they are all well prepared and have your best interests in mind, so you can buy and sell with confidence.