The housing secretary, Robert Jenrick, has announced that estate agent offices and show homes can reopen from today, with social distancing measures in place. This includes house viewings and valuations too.
The government has estimated that since lockdown restrictions were implemented, more than 450,000 buyers and renters have had to put plans to move on hold. Buyers will now be able to complete purchases and view properties in person, with conveyancers and removal companies among the other professions to return to work from today.
The updated advice from the Ministry of Housing, Communities and Local Government, says “people are free to move home, however the process of finding and moving into a new home is likely to be different, as those involved in the process will need to adapt practices and procedures to ensure that the risk of spread of the coronavirus is reduced as far as possible.” Full government update can be found on https://www.gov.uk/government/news/housing-secretary-sets-out-plan-to-re-start-housing-market.
We have also seen today a couple of different lenders across the market increase their maximum loan to value up to 85% which highlights that lenders are slowly moving in the right direction to get business back up and running as usual. As you can imagine there is a backlog of valuations to be booked and completed however, lenders are assuring brokers that they will get through these as quickly and efficiently as possible.
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