Anyone looking to move house during the coronavirus health crisis can expect delays of around 5 months, according to data released by a top mortgage broker.
The coronavirus health crisis is taking the world into uncharted territories. Not within living memory has there been any kind of crisis of a comparable nature. It’s impacting every area of life in the UK, and every section of the economy.
The housing market is no exception. Last month, nearly 50% of people looking to purchase a property put their plans on hold due to the health crisis. The government is urging all home buyers and renters to delay moving where possible, and to be flexible about their moving arrangements. This is especially true where buyers are part of a chain. Of course, with the current lockdown restrictions any sort of non-essential activity outside the home is prohibited – clearly that complicates matters significantly, but there are still things you can do to speed the process along a bit.
With the interest rate set by the bank of England at an all-time low, one of the impacts of this crisis has been to encourage homeowners to remortgage: it is believed that around 1 in 6 homeowners are currently thinking about remortgaging their property so as to make the most of these historically low rates.
If moving is unavoidable for contractual reasons and the parties are unable to reach and agreement to delay, people must follow the government’s advice and distance from others to minimise the spread of the virus.
One of the hardest things about the coronavirus lockdown is that it came upon us so quickly and seemingly from nowhere. People haven’t had anytime to prepare and this, either physically or mentally. If you’ve had to delay a move, then the disappointment might be difficult to deal with. During moments of difficulty, we must remember that we are not alone. This is a national crisis as well as a personal one for the individuals effected.
Moments of national crisis like this often bring out the best in people. When the government asked for volunteers to help the NHS, the response was overwhelming. Nearly ¾ of a million people signed up as volunteers in a national effort to save lives and to protect the NHS.
If you’re hoping to move house in the near future, the advice from Petty Real is not to give up, keep your dream home in sight. The process has been made more complicated, but there are still things you can do.
You can still have your current property valued using the online valuation tool on the Petty Real website.
You can still use Petty Real’s 360 virtual tours to look around properties in the area
You can still get expert advice over the phone, email, or via video call
Visit the Petty Real Website www.pettyreal.co.il or call 01282 415111 to speak directly to a member of staff.