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What's happening for Buyers during COVID-19

28/04/2020
Is it possible to view a property?
The advice at present is clear to us all – if possible, stay at home. We cannot conduct viewings in person at the moment – and even encouraging you to travel from where you are to have the door opened for you on an empty property amounts to two people making an ’unessential journey’ since in the unlikely event that an offer were accepted, there is no infrastructure working to progress your purchase.

In the meantime, thanks the wonders of technology and the willingness of vendors to try their hand at iMovie, we are acquiring a number of Virtual Property tours which will give you a very good idea of whether a property is going to be right for you. You can view these on Vimeo, YouTube or WhatsApp. No-one is expecting that anybody will buy a property based on a walk-through tour (although properties are being let in this way). However, it will save wasted time and unessential journeys after the lockdown eases if video viewings enabled you to narrow down your choices.

What will happen to prices when the market re-opens?
It completely depends on when it re-opens. We anticipate a very short-term price correction in prices of at worst 5% whilst the market finds its feet, but a lift in house prices to as confidence returns. The market is strongly underpinned by four years of pent-up BREXIT demand was in the middle of a major surge of transactions and activity when lockdown was announced. Prices in the East Dulwich Peckham area today hardly differ from where they were at the time of the referendum in 2016. We don’t see these dropping any further.

What can I do now to get things moving?
You can
  • keep in touch with your broker to let him know that you are keen to obtain or refresh your mortgage offer as soon as the lenders re-open for business. 
  • window-shop and draw up a short-list of properties you would like to see once restrictions ease. 
  • Improve your position as a buyer. It is highly unlikely that you would get an offer accepted if you are not under offer yourself - or at least are ‘on the market’ with viewings booked in. 
So if Moving is something you would like to undertake this year, book a Virtual Valuation so that you have a good idea where you stand when the market opens again.

When will it all go back to Normal?
’Normal’ seems a fair way away. Anyway, there may be much we can all learn from the ‘New Normal’ and carry with us into the PC (Post Corona) world.

Roll on with that vaccine!