Housing Market is Still Open

Housing Market to Remain Open

Housing Market will remain open during the latest lockdownThe government has announced that the construction and housing markets will remain open during the latest lockdown measures.

Estate agents are allowed to stay open, though the government recommends not going for physical viewings unless you are seriously considering purchasing the property. Physical surveys and valuations are still allowed to take place.

Removal firms are still allowed to operate, however they may have new procedures in place to do so safely. You should not enlist the help of anybody else outside of your household or bubble to help with the move unless “absolutely necessary”. Hotels are open to house buyers to help facilitate the move.

Extended Mortgage Payment Holidays

Stamp Duty Cuts Announced

The Chancellor has today announced a stamp duty holiday to start immediately and run until 31st March 2021. Under the changes, homebuyers will now pay no stamp duty on their main homes up to the £500,000 threshold.

The average stamp duty saving will be £4,500, with nine out of ten buyers this year now paying no stamp duty at all on purchases.

The changes do not include second homes.

Lender Updates: Nationwide and Mortgage Works

Do you have a remortgage or purchase going through with Nationwide or The Mortgage Works at the moment? Each day we will be posting updates from each lender that may apply to your mortgage..

– Nationwide and The Mortgage Works are arranging desktop valuations where possible, meaning a full property inspection is not necessary at this time

– Existing offers can be extended by 90 days to allow additional time for your completion to take place at a later date

Moving Home During the Coronavirus (COVID-19) Outbreak?

Follow the link below to hear advice from the Government for people buying or selling private residential homes:

https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak

Covid-19 Update