On 31 October, British Prime Minister, Boris Johnson announced that new national restrictions would be in place from 5 November until 2 December, in order to reduce the growth rate of Covid-19.
With the mixing of households restricted, people working from home and non-essential businesses told to close, it poses a question as to how the UK property market will be affected. Incentives, such as the stamp duty holiday which ends on 31 March 2021, has boosted activity in the market following the initial lockdown in March. In fact recent research by building society, Nationwide found that house prices accelerated at their fastest rate for five years last month.
Below, we have outlined how activity in the UK property market will be affected by these new restrictions.
Construction continues
We explored in a recent blog post how regeneration projects in Peterborough have been progressing well over recent months and the fact that construction projects are able to continue under the latest rules means this can continue. This is extremely important in order to avoid construction delays and a lack of supply in the housing market in 2021.
It is positive news for us as a developer as the second phase of our Riverside Park development in Ashford is nearing completion and the 128 apartments at our Nene Wharf project are due to be completed in Q1 2021.
Viewings
Whether you’re looking to buy or sell property, this can still be progressed for the foreseeable future under current rules. Online searches and virtual viewings in the first instance are encouraged, but appointment only, in-person viewings can take place. In addition to face coverings being worn and the regular sanitising of hands, no more than two households, including the agent, should be inside the property at one time.
With phase one homes immediately available and the sale of phase two launched, we will continue to offer appointment-only viewings at Riverside Park. We will follow the strictest cleaning protocols and will be adhering to all government recommendations at all times.
Moving home
Unlike the restrictions put in place in March 2020, it is still possible to move house in the UK. Removal firms can continue to operate, but additional procedures will be put in place to keep people safe, including wearing face coverings, maintaining social distancing wherever possible and regular washing or sanitising of hands.
The new rules also dictate that people outside your household or support bubble are unable to help with moving house unless a removal company is unavailable.
What does this mean for the UK property market as a whole?
The new national lockdown rules are less restrictive than before, especially for the UK property market. Back in March, the housing market was essentially frozen, but activity can continue this time, allowing pent-up demand to be met, which is promising.
This also means that those that have started the house buying process to make the most of the stamp duty holiday or existing Help to Buy scheme can continue. Equally investors diversifying their portfolio can also continue on that journey to benefit from regeneration hotspots like Peterborough, Reading and Ashford.
To book a Covid-safe appointment with one of our property professionals at Riverside Park, call 01233 427 767 or email info@greassets.co.uk.
