WILL THE LOCKDOWN SLOW DOWN THE BOOM
Many experts in the industry believe that although we have just entered our second National lockdown the buoyant property will still continue.
During the Nations first lockdown in the spring the government did not allow for physical viewings to take place, surveyors were not entering peoples properties, and people were not allowed to move house, basically the market was put on pause for three months. However, although we are in another lockdown the government confirmed physical viewings are able to go ahead, surveyors are allowed to enter people’s properties and people can ultimately move home.
It’s because of this along with the current boom and implemented stamp duty holiday many experts in the industry predict a strong market for the forthcoming months.
However whilst the market is strong at the moment and predictions are it may last for a few months the big question is how long will it last. Furthermore, will the bubble bust, will there be a crash? There is no doubt banks underwriting has tightened significantly, therefore making it difficult to obtain a mortgage. Coupled this with the sad chances of many people losing their jobs you have to say there has to be a dip at some point. Therefore, if you are looking to sell your house now maybe the time if not it could be a long time until you are able to achieve the price it maybe worth today.
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Although the government have not closed the market down this time it is imperative all agents and other industries involved in the property market strictly follow government guidelines. If these rules are not followed and it is identified the industry is the cause of further spread of the virus there is no doubt the government and Prime Minister will consider closing the industry for a second time this year, which would be a disaster for the whole economy and the property industry.
However, although the market staying opening is great news rumour’s of reverting back to a tiered system once lockdown is over is not what the industry will hope for.