Now is the best time to work on your home

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Covid-19: UK property market to be suspended as sales drop significantly

UK house buyer interest has slumped as people stay at home to try to limit the spread of the coronavirus, according to property listings websites.

Zoopla predicts housing transactions will drop by up to 60% over the next three months.

Meanwhile, an increasing number of sales that had been agreed before the lockdown are falling through.

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The government has advised homebuyers and renters to delay moving as much as they can.

“Would-be homebuyers paused major decisions and took stock of the unfolding events in the UK and around the world, even before [restrictions] announced by Prime Minister Boris Johnson,” Zoopla said.

Demand in the week to 22 March slumped 40% on a week earlier, its figures suggest.

The property listings site said the UK housing market had a strong start to the year before the coronavirus outbreak crushed demand.

The pandemic has since led to a “rapidly increasing” proportion of sales falling through, as would-be buyers “reassess whether to make a big financial decision in these shifting times”.

Sales were still being agreed, it found, but at a 4% slower rate than at the same time a year earlier.

The Financial Times has reported that bankers have been urging government ministers to suspend the housing market.

They are concerned about the impact of the pandemic on valuations but they are also worried about issuing loans due to uncertainty about the effect the virus will have on the economy, the paper reported.

In response to the crisis, UK Finance, which was formerly known as the British Bankers Association, said lenders would extend mortgage offers for people who were due to move house during the lockdown.

“Current social distancing measures mean many house moves will need to be delayed,” Stephen Jones, who runs the group, said in a statement.

“Where people have already exchanged contracts for house purchases and set dates for completion this is likely to be particularly stressful,” he said.

“To support these customers at this time, all mortgage lenders are working to find ways to enable customers who have exchanged contracts to extend their mortgage offer for up to three months to enable them to move at a later date.”

The government has told people “there is no need to pull out of transactions”, instead encouraging them to “amicably agree alternative dates to move”.

The sentiments identified by Zoopla echo a previous announcement from rival Rightmove, which said the slowdown in the UK housing market had been “significant”.

“The number of property transactions failing to complete in recent days and likely changes in tenant behaviour following the announcement of the renters’ protections by the government may put further pressure on estate and lettings agents,” it said, referring to the recent ban on evictions.

The government said on Wednesday that home buyers and renters should delay moving if possible while emergency measures are in place to fight coronavirus.

“If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on social distancing to minimise the spread of the virus,” a housing ministry spokesperson said.

“Anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice and not move house for the time being.”

Meanwhile, there were reports on Thursday that mortgage lenders had started to temporarily restrict some products for certain customers.

Source: BBC News

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Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Struggling UK estate agency Countrywide in talks with LSL over a possible merger

Countrywide and LSL Property Services have said they are in talks over a possible merger which could create the UK’s largest estate agency.

The news comes after several years of losses at Countrywide and a difficult time for the sector.

Countrywide owns the Hamptons and Gascoigne-Pees brands while LSL owns Your Move and Reed Rains.

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The firms said that talks were ongoing, but there could be no certainty that an offer would ultimately be made.

If the merger talks – which were first reported by Sky News – lead to a deal, it will create a combined group worth about £470m with 14,000 employees.

Countrywide reported losses of £218m for 2018, compared with a £207m loss a year earlier, and it said last year that the uncertainty surrounding Brexit had been hitting business.

Recent surveys have suggested that the UK’s housing market is starting to pick up after a long period of sluggish activity.

Last month, a survey of property professionals reported an “uplift” in sentiment in the housing market following the general election.

Sales expectations had “risen sharply”, the Royal Institution of Chartered Surveyors said, with the number of house sales rising in December for the first time in seven months.

The most recent survey from the Halifax found the market continued “to show signs of improvement”.

The lender said it had seen “a pick-up in transactions with more buyer and seller activity consistent with a reduction in uncertainty in the UK”, although it added it was “too early to say if a corner has been turned”.

Source BBC News

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Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Using salvaged materials for your building project

Whatever type of building project you are preparing to undertake, it is always worth taking time to consider if there are any materials that can be salvaged for re-use, recycled or up-cycled.

As there are many types of building projects, there will also be many uses for material that you may initially believe would not be of any use to you. This is where you need to consider the building project as a whole and see what you have to buy in for the various stages and what you can salvage for re-use, recycle or up-cycled elsewhere.

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These projects could potentially involve using salvaged material:

  • Building an extension
  • Loft conversion
  • Refurbishment
  • Renovation
  • External works
  • Demolition
  • Building a new house

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Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk