COVID-19: The UK Property Market Moving Again
The lockdown that was introduced at the end of March 2020 to slow the spread of Covid-19 in the UK has certainly given many people time to reflect on their lives and their homes. While the country’s property market understandably slowed down during this period, it seems that activity is already picking up – and quite quickly.
Rightmove recently revealed that it experienced its busiest day ever on 27 May 2020, with more than six million visits to its site, representing an 18% increase from the same Wednesday in May last year.
The property portal also noted that a record number of people were phoning or emailing estate agents through the platform on the same day.
Moreover, the organisation has found that 28% of people who said they were not planning to move before lockdown have now had a change of heart and are entering the property market.
It also revealed that there has been a spike in interest among people looking for homes in coastal regions such as Bournemouth, Devon and Cornwall, while locations such as Wigan, Manchester and Warrington in the north of the UK are also experiencing greater levels of interest among buyers.
Miles Shipside, commercial director and housing market analyst at Rightmove, said that it is unusual to see a spike in interest at this time of the year, particularly when the weather is so good.
However, he noted that there are challenges that need to be faced within the property sector. “The challenge agents are facing is handling this surge in enquiries, having a process to deliver virtual viewings, and setting up socially distanced and safe physical viewings,” he explained.
There will also be challenges for other professionals working in the property sector, such as conveyancers. In fact, the Conveyancing Association has issued new guidance to its members recently to help them carry out their work safely and facilitate property sales and purchases.
In its guidance dated 29 May 2020, the organisation has addressed potential concerns over witnessing signatures on legal documents, verifying ID and exchanging contracts, among other areas.
Simon Davis, president of the Law Society, commented: “It is important that conveyancers work together to ensure that home moves can take place safely and that buyers and sellers can understand how the new process is different.”
If you are looking for a new home or are considering taking your first steps onto the housing ladder, get help with your transaction from solicitors in Buckinghamshire who can guide you through the conveyancing process and ensure that your purchase and/or sale progresses as smoothly as possible.
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