Lockdown 2.0: what does it mean for the English housing market?

On Saturday, Prime Minister Boris Johnson announced that a second English lockdown would come into force in England on Thursday 5 November and would last until Wednesday 2 Decemeber.

Although the lockdown hasn’t been progressed and approved by Parliament, it is thought that the lockdown is a foregone conclusion as once again restrictive measures are being taken in a bid to curb the coronavirus pandemic.

However, the Prime Ministers news conference left some with questions, as there was little information out there to provide those with reassurance.

In the following 24 hours, Robert Jenrick, Secretary of State for Housing, Communities and Local Government took to social media to reveal that the English housing market would still be able to operate. In the first lockdown earlier in the year, this wasn’t permitted.

We wanted to bring you a round up of what the new restrictions mean for the housing market.

  • Property market to remain open
    • Renters and homeowners will be able to move
    • Estate agents and removal firms can still operate
  • Mortgage holidays to be extended by 6 months
  • Repossessions ban extended for 6 months

Mark Hayward, Chief Executive, NAEA Propertymark comments on this weekend’s second national lockdown announcement:

“We welcome the news that the housing market is to remain open throughout this second lockdown period, and it is essential that all agents continue to play their part in reducing the spread of the virus through following all relevant guidance. Agents must operate in accordance with government and Propertymark guidelines, to keep the market moving through these uncertain times.”

O’Neill Patient managing director Adam Forshaw, said:

“It’s really business as usual for us because the housing market will remain open.

“We have all been working to Covid-safe principles for months, so we’re much better prepared to deal with the challenges of a second lockdown.

“Viewings can still take place and much of the conveyancing process is done remotely by making use of the latest technology to ensure it’s a safe process.

“Of course, there will be some uncertainty and house buyers will be working out what it means for them, but if they want to move we will be there for them to make it happen.”

Do NOT follow this link or you will be banned from the site!
X