Return of the Housing Market
The housing market is set to return in England after seven weeks of lockdown. New regulations that came into force yesterday mean that buyers and renters can physically view properties, legal transactions can take place and moving home, including removals can get back to some type of normality.
Even in the first 24 hours, we have seen significant evidence of the reversing of the gridlock with estate and rental agencies reopening, surveyors carrying out valuations, solicitors re-engaging with clients, and lenders reintroducing interest rates for buyers with smaller deposits.
There is a desire throughout the housing market to provide as normal a service as possible and to complete on the backlog of an estimated £82billion of house purchase transactions.
For those already involved in housing chains, lenders are working to obtain valuations where they have been put on hold and, in most cases, are willing to extend existing mortgage offers.
For those looking to restart their property search, the mortgage market was already offering products for most requirements, pre-lockdown, and the return of physical valuations and new interest rates will only improve the situation.
If you have questions about your existing mortgage or would like advice on your ability to obtain a new mortgage, we can help. Please contact us without obligation.
Established in Berkshire in 2004, J Finance Ltd is one of the leading financial planning companies in the area. We serve clients across England and Wales. If you would like to discuss this subject or any other financial matter, please contact us on 01635 521 300 or email firstname.lastname@example.org.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.