Date Posted: 05/11/20
Housing Minister Robert Jenrick has told Estate Agents that the housing market remains open throughout the November lockdown as long as agents, buyers and sellers, and tenants and landlords adhere to the existing Covid guidelines for the industry. (Putterills guidelines available on our website)
The property market remains extremely active as a result of pent up demand from the previous lockdown, an increase in demand from people changing their work/life balance, working from home more and of course the Government’s Stamp Duty holiday which ends on 31st March. (Properties must complete before that date to qualify).
All of Putterills’ sales offices are reporting unusually high demand and levels of sales being agreed. Buyers are keen to buy now, knowing that if they leave it much later then there is little chance of transactions completing by the March Stamp Duty deadline.
There are, however, some delays at the moment. Increased Covid precautions mean that some service providers involved in the sales process, such as solicitors, mortgage lenders and local authorities, have fewer staff working and are inundated with work as the market is so busy. As a result many transactions are taking much longer. Most transactions usually go through in approximately 2 to 3 months, but now many are taking up to 5 to 6 months.
As we approach the next 4 week lockdown things are expected to remain busy. As more people are working from home, many realise they would like more space and a bigger house, or simply have more time to start their house hunting.
So, if you are thinking of selling your home, now really is the best time to work with an agent you can trust.
For up to the minute property advice on your local area or a free market appraisal, please call your local, trusted, property experts, Putterills. We are looking forward to hearing from you.
Take care and stay safe.
The Putterills Directors
