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Although the property market has reopened in the UK, with the government lifting the seven-week freeze on viewings and home moves, buyers are still understandably anxious about what the future holds for the housing market. When the sector was put on hold at the end of March, 373,000 sales were suspended across the UK.
Yet agency Knight Frank has forecasted that UK house prices will expect a modest fall of 3% this year but will bounce back to 5% in 2021. So, now that normality is beginning to resume, what does the property market have in store?
The government advice initially suggested that people were not allowed to sell during the lockdown, and although these restrictions have been relaxed slightly, there are still many people who are holding off despite wanting or needing to move.
As the lockdown is lifted further, there will be an enormous number of people who will be ready to buy or sell property, which will bring buoyancy back to the market. Most economists have predicted that there will be a V-shaped downturn, meaning that after a dip in the market, there will be a gentle inflation in house prices around the country.
Lockdown has given everyone across the world more downtime, but this extra time is the perfect opportunity to update your home in preparation for selling. Use the lockdown to get ahead of the competition and update your home so that it’s ready for valuations and viewings later on.
“We have had a large number of customers contact us during lockdown” says Mark Peters, of Sash Window Experts, “they have been looking to make home improvements to increase the value of their property, as they are still looking to sell”. From upgrading your windows to redecorating the interior of your home to refreshing the look of your garden and adding curb appeal, there are various ways that you can get your home ready to sell once lockdown is removed entirely.
The housing market will definitely operate differently for some time to come. And for the time being at least, buyers will be less enthusiastic about entering another person’s home or being in close proximity with others.
So, it’s key that sellers adapt in order to contribute towards a boost in the market. In order to help your property sell and embrace the changes in the market, it’s important that you offer virtual viewings and ensure that there are great pictures on your listing in order to put yourself in a more positive position as the market picks up.
The government’s latest guidance suggests that buyers should use virtual viewings to filter out properties they are interested in and only view in-person if they are seriously considering making an offer. In these circumstances, social distancing measures should be followed and face masks should be worn in situations where social distancing can’t be adhered to properly.
Although there will be an adjustment period, as with so many industries adapting to life after Covid-19, there will always be a need for families to buy larger homes while others will need to downsize.
Eventually, the market will balance itself out and it is likely that it will return to normal quite quickly. Already, agencies have found that there has been an increase in online buyer enquiries since the relaxation from the government, with the number of buyer enquiries in some parts of the UK doubling just one day after the announcement.
Covid-19 has had a big impact around the world, shaking up a number of industries, the housing sector included. But it looks like the property market could return to normal relatively quickly if the interest from buyers is any indication.
This is great news for those who are keen to move soon. By using the time efficiently to upgrade the areas of your home that will have a positive impact on the value of your home, as well as adapting to the needs of prospective buyers, you can help to contribute towards the balance of the market in the future.
Article provided by Annie Button.
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