The government has said that there is no need to pull out of property transactions in process – their advice is just adjust moving dates, however there is no doubt that the market has slowed down. Last week Zoopla reported a 70% drop in newly agreed sales since the lockdown on March 23rd. Once restrictions are lifted it’s undeniable that there will need to be some incentives to get the market moving again like a reduction in stamp duty – which seems unlikely in the short term. But what can be done now?
Will Watson, Head of London at The Buying Solution, says; “If someone does want to sell it’s potentially doable with technology and a savvy buyer on side.” Agents and lawyers are still working so contracts can technically be drawn up and prices agreed. The two big stumbling blocks are finance and surveys. Will continues; “The key is to front load the work now so that you’re ready to go when restrictions are lifted. There will likely be a carpe diem effect as the time at home will cause many to re-evaluate and could be the push they need to accelerate their next move.”
To read the full article click here; https://www.thetimes.co.uk/article/can-you-buy-or-sell-a-house-during-the-coronavirus-pandemic-93l8w78fg