Corona virus affect on Housing Market
Since the Coronavirus was announced as a pandemic and the Government enforced its first Lockdown procedure. The property Market like many other sectors has gradually come to a standstill.
There have been more specific instructions towards the property sector from the government advising against any new property transactions unless they were in legal before the lockdown was announced. However, if you want or need to sell your house relatively soon, and it is vacant, It shouldn't be a problem as long as safety measures are put in place.
One of the main things you will be wondering as a homeowner is, Will my house price go down because of the Coronavirus?
The honest answer to that is, nobody knows. It would also be too early to give any real evidence of price changes in the market because of a limited number of new listings being available as well as sales.
One thing we are sure on is that new enquires from homeowners have dropped as much as 70% "a report from Zoopla suggests" With that being said, the market was very much buoyant before the lockdown which would indicate a rise once the restrictions are moved.
reports found that house prices increased as much as £3,000 in March 2019. Some parts of the UK such as the North West were also seeing year on year house price growth of up to 5%.
Impact on current Homeowners has clearly been evident with as much as 1.2 million homeowners requesting a mortgage relief option since it was announced. Naturally, this tells us that there has been a big impact on many peoples personal circumstances which will only get worse the longer this goes on.
Should I consider selling my property during the crisis?
As mentioned above there has not been a complete ban of new property transactions going through since the lockdown as long as there aren't any safety measures being breached. With the sluggish supply of new stock being released onto the market, it could be a good chance for your property to stand out.
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