Following the televised address from the Prime Minister Boris Johnson last night (4 January 2021), in which all four devolved nations were now following similar stricter coronavirus rules, in another national lockdown.
Currently, the UK property market is remaining open, which is welcome news for some as the stamp duty land tax (SDLT) holiday deadline is nearing. Which in turn is putting intense pressure on the conveyancing sector as everyone does all they can to ensure that the housing transaction pipelines continue to work their way forward.
Following the Prime Minister’s announcement, those in the property industry came forward to share their views on the repercussions of lockdown 3.0.
Marc von Grundherr, Director of Behnham and Reeves, commented:
“The latest news of another national lockdown should do little to slow the momentum of the UK property market, given that official government advice still deems it ok to transact and move home.
“As a result, the industry will continue to service the vast number of homebuyers who have entered the market since last spring and this will ensure that many more will benefit from the current stamp duty holiday.
“With no speed bumps in sight for the time being, the market is now clear to accelerate through the gears throughout the coming year and we should see a healthy increase in transactions and price growth over the coming months, if not, across the remainder of the year.”
Hugh Wade-Jones, Managing Director of Enness Global Mortgages, commented:
“It remains business as usual for the UK property market and as a result, it’s unlikely we will see any decline in the huge levels of buyer activity seen since last year, nor should we see property prices detract from their current upward trend.
“Billions of pounds in accelerated property transactions are also currently waiting to complete prior to the stamp duty holiday deadline on March 31st. It would have been a disastrous move for the government to have slammed the door in the face of these aspirational homebuyers so close to the finish line and would have no doubt caused a landslide of property transaction fall throughs and a drop in values had they done so.
“Of course, the industry must continue to operate with immense caution and all physical aspects of the home buying process itself must be met with extreme diligence to ensure the safety of all those involved.”
James Forrester, Managing Director of Barrows and Forrester, commented:
“Many will be thankful that the government have refrained from placing the property market back into a pandemic induced cryogenic deep freeze. As one of the cornerstones of the UK economy, it’s vital that we remain open and able to service the unprecedented levels of market activity seen in recent months.
“While previous calls to work from home unless necessary will have caused many property professionals to struggle at the start of the last year, the industry was able to adapt and evolve to a remote, more digitally enabled way of working.
“With this practice remaining pretty much in place ever since, there should be little to no disruption for those currently selling and buying in the current market, and we expect to see no disruption as a result of this latest government announcement.”
Mark Hayward, Chief Policy Adviser, Propertymark, said:
“We welcome the news that the housing market is to remain open throughout this new lockdown period, but it is essential that all agents continue to play their part in reducing the spread of the virus through following all relevant guidance on how to safely conduct viewings. It is vital that agents operate in accordance with government and Propertymark guidelines to help prevent the spread of Covid-19, keep movers and buyers safe and keep the housing market moving through these uncertain times.”
Melanie Spencer, head of the MCI Club, says:
“The fact that we are in another lockdown is becoming a bit like déjà vu. However where this one differs from the first lockdown is that the housing market continues to stay open as estate and lettings agents continue to operate, you can still move house and, crucially for many lenders, surveyors can still conduct valuations.
“While appetite to move home is still high, what is more important than ever is that brokers embrace the digital, not only for servicing their existing clients but for finding and onboarding new clients. The positive is that this shift towards digital means that brokers are no longer limited to helping brokers in their immediate location but right around the UK.”
