- 8th April 2020
- Posted by: Mark
- Category: news
With the advent of a UK wide lock down home sales are expected to drop by almost 36-39% assuming that the lockdown is continued until June.
Sales prices are in addition most likely to slip by approximately 2% throughout this time.
Home sales which have been lost as a result of to the lock down are all probably not going to experience completion for a wide range of reasons. Job reductions and uncertainly may also impact house sales for a length of time.
Lenders are currently adapting by utilizing digital evaluations and it’s unclear if these kinds of systems are going to progressively be phased in even when valuations could be carried out in person.
How Will The Property Sector Appear As Restrictions Ease
As restrictions mitigate we are most likely to see current pending property sales get processed to finalisation. Lenders have generally decided to lengthen mortgage offers for 3 months. This addition however is subject to the clients financial position remaining the same as it was at the stage of the application.
A number of house sales will likely be reduced because of individuals losing their positions.
Although the lenders are concentrating on offering help for their existing customers at the point, as restraints relax we fully expect that the variety of mortgage products presented will definitely increase (with some having actually cut in half their variety of mortgage products as a result of the current situation).
Before the current situation home sales were buoyant and the market was looking healthy. It remains to be seen how long it will take to rebound from the current scenario. Much will depend on buyer confidence and the mortgage solutions being offered.