Let’s Get Moving – Green Light For The Housing Market
It is a positive start to the day for all landlords as Housing Secretary Robert Jenrick has announced that the current Governmental restrictions on estate agents and the housing sector in England are now being lifted, as a first major step to stimulate the UK’s mortgage market.
The full details of these plans are yet to be revealed but estate agents, removal firms and conveyancers are now being encouraged to return to work, as well as house viewings being sanctioned.
We’re sure that the news will come as a sigh of relief for many of you landlords and potential buyers, who have been in limbo for the last few weeks, but the Housing Secretary has also stressed that all property procedures must still adhere to the social distancing and safety regulations.
The BBC reports that an estimated 450,000 buyers and renters have been stuck in application limbo since the lockdown began back in March.
Our director, Matt Hardman commented this morning:
“We are happy with the news this morning as it is a step in the right direction for us all in an effort to start to push us out of this current limbo. Over the last few weeks, we have helped many landlords complete on their applications whilst of course still adhering to the safety regulations, but there is no denying that the biggest issue to the market has been the loss of surveyors and physical valuations, especially amongst non-bank lenders who have struggled to incept any kind of automated valuation model.
“Several of our seasoned portfolio landlords have been hugely impacted by the restrictions and the announcement will be the green light they need. I am sure that the surveyors beginning their return will be a welcomed sight for all, we now need to handle the backlog over the coming weeks and the inevitable challenges that they will present.”
Important to know, the announced changes are effective immediately in England and are currently not applicable in Wales, Scotland and Northern Ireland.
As the news develops we will keep you updated, but if you would like a status update on your mortgage application or to discuss your options, you can chat to one of our advisors right away by calling on 08009499410 let us know the best way to contact below and you’ll receive a callback shortly.