In Wednesday’s daily press briefing, Housing Secretary Robert Jenrick MP announced significant steps in reopening the England’s housing market by allowing people to move home and conduct property viewings – activities previously restricted by lockdown measures.
Paul Broadhead BSA Head of Mortgages and Housing comments:
“Building societies adapted quickly to the rapidly evolving crisis by extending mortgage offers for three months and adopting desktop and AVM tools, which helped to support the stalled housing market through the peak of the pandemic. Wednesday’s move to lift restrictions will help those who have already – or very nearly – completed sales to continue with their moving plans.
An increase in physical valuation inspections, in line with social distancing guidance, will in turn mean a broader range of mortgage products returning in the long run. However much will depend on consumer sentiment towards personal safety, and whether they choose to view or move homes while still in lockdown.
The BSA will continue working closely with valuer colleagues and others in the property industry to assess the new normal of a socially distanced housing market. This is a really positive step forward, even if there is still a long way to go.”