Property values always fluctuate. Different times of year are traditionally more popular for people wanting to sell or move, and many additional factors can play a part, such as the economy, the weather, and changes to local shopping facilities to name just three. To some extent these variables are known by property industry experts, and the level of impact they are likely to have can be predicted.
However, 2020 has brought with it perhaps the biggest change in influences on the property market for many years. Covid-19 and the pandemic have changed a lot of things for both buyers and sellers. Virtual valuations have become the norm, and buyer requirements have shifted.
Selling Property in the Pandemic
The property market in the UK has enjoyed a bit of a boom following the first lockdown. This is fuelled, at least in part, by the government’s temporary stamp duty changes. As of October 2020, the UK House Price Index (HPI) showed that property prices rose by 0.7% against the previous month and by 5.4% when compared to the previous year. This is perhaps not the doom and gloom scenario predicted at the start of the pandemic.
Experts vary in their opinion. The Halifax predicts the economic downturn will eventually impact the property market, whilst the Nationwide expects that the end of government support will ‘dampen housing activity’. Both Rightmove and Zoopla believe house prices are unlikely to fall in 2021.
Buyer flexibility on location may have changed due to being able to work from home more, but there is still demand overall.
Buying Property During the Pandemic
Buying during the pandemic is still happening, but transactions are likely to take longer overall. Each stage of the buying process is still followed, but some may take a little longer than previously. However, it is important that buyers take the same level of care to protect their interests as they would usually.
Surveys are still an important part of the buying process. A Home Buyers Survey such as that offered at https://www.samconveyancing.co.uk/Homebuyers-Survey can still be arranged to ensure that the would-be buyer can proceed with confidence.
Surveyors and all the other property professionals involved in the process on both the buyers’ and sellers’ sides work hard to ensure that all precautions required due to the coronavirus outbreak are taken with as little disruption as possible.