There’s immediate respite for people due to exchange or begin a tenancy this month now the housing minister confirmed that the property market is to remain open through the second lockdown. Meaning that all activities relating to buying, selling or renting are to continue under existing Coronavirus guidelines, unlike the first lockdown back in March which saw the whole market come to a standstill for almost 2 months.
This smart decision has stemmed from the hard work of the professionals in this sector to ensure the safety of customers and themselves. It’s clear that the housing market is one of the areas of business that has excelled in adapting to the challenges the pandemic has presented. The advancement of marketing technologies and effective guidelines have proved successful in keeping people on track with their moving aspirations.
Compare this with the travel industry which has been hit so hard with both cases and restrictions, leading to the collapse of numerous airlines. It’s only logical that this has influenced customers to seek their next step within the shores of Great Britain – And there’s no shortage in demand for property.
According to Halifax, in the month of October house prices in the UK rose at the fastest yearly rate in 4 years – Up a massive 7.5% from October 2019, with the average price of a property exceeding £250,000 for the first time. There are some who are predicting the market to fall next year, but more than likely we’ve already seen the worst to come.
Another difference to the first lockdown is that all construction work is permitted to continue, to the delight of people who have work going on (and the people doing the work). This time there’s no fear of being left with half of an extension and a tarpaulin for a roof. It also means that large housebuilders can steam ahead with development in an attempt to keep up with the explosion of housing requirement – However some new-build ventures promised haven’t exactly gone to plan.
The Starter Home Initiative announced in 2015 promised 200,000 new-build homes at a 20% discount for first-time buyers. But an investigation into this revealed that not a single one of these homes has materialised, with the National Audit Office stating that the government no longer have a budget dedicated to this project.
But wherever you’re at on your moving journey, it’s good to know that there’s no need to worry about this lockdown, it’s shorter and comes with less restrictions. Proof that following the correct guidance works.