House buying and selling gets easier as lockdown rules relax

House-hunters will be able to visit estate agents and view residential properties in person after the easing of COVID-19 lockdown restrictions. The relaxation of rules has been welcomed by the property industry which has been one of the casualties of government-imposed regulations. From Wednesday, May 12, estate agents are allowed to return to offices and members of the public are entitled to check out prospective new homes in person, while observing the safe distancing rules which are still in place. House-hunters will be able to visit estate agents and view residential properties in person after the easing of COVID-19 lockdown restrictions. The relaxation of rules has been welcomed by the property industry which has been one of the casualties of government-imposed regulations. From Wednesday, May 12, estate agents are allowed to return to offices and members of the public are entitled to check out prospective new homes in person, while observing the safe distancing rules which are still in place. Marc von Grundherr, director of London estate agency Benham and Reeves, said: “It’s great news that the government has realised the vital role the property market plays in stimulating the wider economy and that estate and lettings agents are the ones facilitating this on the ground. “Agents have been poised and ready to resume business since we entered into lockdown and the ability to do so will be warmly welcomed by those that have had to close offices and furlough staff. “It’s important that we do so one step at a time and without compromising the health of our staff, our customers and the wider population but with the process of buying or renting now requiring very little face to face contact, agents should be able to adapt swiftly to this new working norm. “We’ve already stockpiled a large amount of PPE on the advice of our offices in Asia who have been preparing for a return since January and we remain confident that we can service our customers appropriately and with the correct measures in place.” Sales backlog Property website Zoopla said that 373,000 home sales worth a total of £82billion that were agreed before the lockdown were stuck in the pipeline and estimated that this year’s house sales would be half of those in 2019. Colby Short, founder and chief executive officer of the estate agents comparison site GetAgent.co.uk said: “We know that the lockdown brought about an abrupt decline in the number of homes reaching the market and this has led to an underlying current of pent-up buyer demand. “Now that the doors have reopened those that need to transact out of necessity will do so and this will bring about a level of stability for the wider market.” Industry experts warn that the property market could take some time to recover from the hit it has taken during lockdown. Stephen Moss, managing director and founder of property investment company Sourced Capital, said: “While the return of market activity is great news it will be some time before we return to the buoyant levels seen post-election. Certainly from an investment standpoint, many will be conscious that the economy has suffered, shrinking at its fastest rate in just a few short months this year. Curtain of uncertainty “As a result, everyone from the big name developers to the armchair investor will be cautious about investing while a curtain of uncertainty remains and this continued apprehension at the initial stage of the property life cycle will have a knock-on effect further down the line. “While a reduction in stock will see prices increase as demand grows, we need the sector to be firing on all cylinders across the entire lifecycle to ensure it returns to full health.” Chris Huntingford, partner and licensed conveyancer at East Midlands-based law firm Nelsons, said: “After two months during which the activity in the housing market has decreased substantially, hopefully we will soon see estate agents reopen their doors and surveyors return to valuing properties.”