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How COVID-19 is Changing the Property Market

For several months while the country was in lockdown, virtually nothing happened in the UK property market. Then, as restrictions were eased, there was a flood of activity as moves that had been put on hold were completed in a hurry.

After that upheaval we are seeing a property market that has been affected more fundamentally. First of all life is becoming harder for first time buyers as low-deposit mortgage deals disappear from the market. Most of the largest lenders are now insisting on a minimum 15% deposit.

Other people are looking to upsize their home now that they are faced by the reality of longer-term remote working and possibly home-schooling. The kitchen table isn’t a viable home office space so people need a spare box room or enough garden to accommodate an outside office.

More Movers, Fewer First Time Buyers

Working from home is also prompting some to look at locations further away from commuter routes. Clevedon was recently listed in the Guardian as one of the UK’s top ten property hotspots.

Following the Covid lockdown, mortgage approvals hit a 13 year high. Most of this activity seems to be driven by home movers rather than first time buyers, which is probably not surprising.

It’s also likely that many of these moves are being made with a view to the long term. This is often the case with moves that are driven by a lifestyle change rather than a change of employment. There’s even more reason to make sure that you get the details right so that you can enjoy your new home in the way you envisaged. In other words, that there are no restrictive covenants or planning issues that could cause you problems.

In the current market the choice of conveyancer becomes even more important. Attention to detail and local knowledge can avoid the potential for significant costs and inconvenience further down the line.

Powells Law have an experienced team of conveyancing professionals. We are also members of the Law Society’s Conveyancing Quality Scheme. We will be happy to help ensure that your move proceeds smoothly and quickly. Contact us on 01934 623 501 or email helpforyou@powellslaw.com.

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