How Will Lockdown 2.0 Affect the Property Market?

How Will Lockdown 2.0 Affect the Property Market?

Mortgage Advice in Cambridge

On Saturday 31st October, the British Prime Minister Boris Johnson announced that the nation would enter another lockdown from Thursday 5th November to Wednesday 2nd December. Lockdown 2.0 has been introduced to try and reduce the spread of the coronavirus. However, when compared to the first lockdown, this one isn’t quite as strict which has allowed more industries and educational settings to remain open. When this lockdown was announced, our immediate thought was how will this affect the property market. Now that we are in the depths of lockdown 2.0 we can safely say that everything should stay the same and the property market should continue as it was with no change.

Of course, there have been some small changes to the home buying process, most of them being social measures. The property market is still standing strong, here is what you can still do over the lockdown period:

  • View a property to buy or rent
  • Visit estate agents, letting agents, sales offices and show homes
  • Move home
  • Prepare a home to move into
  • Prepare a home for sale or rent

Here are some of the most common questions that we have been asked by Home Movers and First Time Buyers in Cambridge about the lockdown and how it affects the property market:

As a Mortgage Broker in Cambridge, we have been getting asked lots of questions about the lockdown and whether it will affect the property market, particularly from First Time Buyers and Home Movers. Here are your questions answered about lockdown 2.0 and the property market:

Lockdown 2.0 Mortgage Advice Sheffield

Can I move home in lockdown?

During the first lockdown, restrictions were a little tighter and it was hard to get the Moving Home process started. This isn’t the case in this lockdown, you easily get your home moving journey started. Whether this is on your own or through a Mortgage Broker in Cambridge, everything that you need to get the process started is at your fingertips. This includes home removal services, van hire, etc.

As mentioned before, the home moving process will have to be completed under the social distancing guidelines. These rules must be followed at all times and they are particularly important to you if you are frequently taking house viewings.

Can I visit my estate agents?

The answer is yes, the government have said that you are still able to visit your local estate agents. However, some estate agents have chosen to close their branches and have their employee’s work from home, so you may have to check whether they are open or not first.

Especially in this day and age, some people prefer to transact over the phone, and there is nothing wrong with this, you can still get the process started over the phone and even online. We advise that you take your time if you are doing everything online, and make sure that you clearly understand everything that is being communicated.

This last year has proven that it could be safer to transact over the phone rather than in person. Naturally, more and more business’ are choosing to go down this route. This actually doesn’t change a thing, you can still do everything you’d be doing in their office over the phone/online.

If your estate agent is operating over the phone/online, we advise that you take your time and make sure that you understand everything that is going on. There is nothing wrong with asking questions.

Can I continue with house viewings?

Yes, you can still continue with house viewings, however, if it’s possible to, we recommend that you give your estate agents virtual house viewing a try. We are seeing that most home buyers are shifting towards this new approach to house viewings; as a Mortgage Broker in Cambridge, we also expect that the number of virtual viewings will increase over lockdown.

Even though a virtual viewing is your safest option, we do understand that buying a home is a huge life decision, so if you want to go out and view the property in person, there is nothing wrong with that.

Your estate agents will also check with the property owners that a socially distanced property viewing is okay. If everything is okay, then you can arrange a date and time with your estate agent and the homeowner. Depending on the time of day and the homeowner’s situation, they may go out somewhere so that there as few people in the household as possible.

Can I put my property on the market?

In the first lockdown, the property market was put a long pause, but this time around, the market is still standing strong and you can sell your home as normal. You will need to consider everything that comes with selling a property, this includes choosing an estate agent and a property valuation, getting pictures of the property taken etc.

Currently, with all of the guidelines in place, there is a small holdup in the property market and some things during the process may take a little longer than they usually do. Estate agents are very busy at the moment due to an influx in enquiries and all of the different measures that have been put in place.

Can I still use conveyancers?

Yes, conveyancing solicitors will remain open during the lockdown. They will be available to support your property sale. Again, most solicitors are working from home and we advise that you be patient as due to the demand in the property market, things may come slower than usual.

Can I take out a mortgage payment holiday during this lockdown?

As a Mortgage Advisor in Cambridge, this question has become more and more common the further that we get into lockdown.

In this lockdown, even though it’s much shorter, you can take a mortgage payment holiday if you really need to. We are understanding that there are a lot of people that need help meeting their monthly mortgage payments, so if this is your situation then taking one out could be your best option.

If you took out a mortgage payment holiday in the last lockdown and are still on the scheme, you can extend your holiday so that it comes to a total of six months holiday. Although, if you have already had a six month payment holiday, you have already reached the six month limit and therefore unlikely that you will be able to access this scheme again.

Mortgage Market Catching up to Speed

Catching up to speed

After being brought to a halt, the property market is slowly catching up to speed. Thankfully, you can still continue trading throughout this lockdown. If you are wanting to begin your mortgage/home buying process and want to get an insight from a professional, it could be time to get Mortgage Advice in Cambridge.

With all of the new guidelines and measures in place, approaching a Mortgage Broker in Cambridge could speed up your process. For example, Cambridgemoneyman has been in this business for a very long time now and we know exactly what we are doing. We want to deliver you with a fast and friendly mortgage advice service that will help you secure a great mortgage deal. We want the whole process to run as smoothly as you do; don’t hesitate to get in touch today. We can’t wait to hear from you! & Cambridgemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
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