A Road Map for Conveyancing as Lockdown is lifted
The Government announcement on easing restrictions that apply to the housing market is most welcome and will provide an important boost to the industry and, by extension, the economy as a whole.
Housing Secretary Robert Jenrick’s new guidance published today applies to people moving between private residential homes and outlines a framework for opening up the market, provided that in doing so people know how to “stay alert, contain the virus and save lives”.
On the assumption that lenders continue to support the market it is not impossible that the announcement will accelerate the return to normal (or as near normal as possible) of the housing market as society adjusts to living with Covid 19. Many people will have naturally been reviewing their home situation and working environment over the past few weeks, and may be considering moving home in light of their experiences.
Those transactions that were underway before the outbreak had largely been placed on hold and some estimates put a figure of 450,000 buyers and renters being affected. There will undoubtedly be a bubble of activity as dormant transactions come back on line and the coming months are likely to be busy for conveyancers.
The key question concerning the industry is whether house prices will see a marked reduction as the market opens up again, or if buyers keen to move (given their experiences of confinement) facilitate an upsurge in demand that might result in little if any downward pressure on prices. Property pundits have been predicting a wide range of scenarios, but the truth is no one actually knows what prices will be doing.
As consumers adjust to the changes brought about by the reaction to Covid 19, so too have conveyancing professionals. A new spirit of cooperation has been in evidence between many conveyancers, all doing their best to support their clients’ requirements in difficult times and those firms that have adjusted well to the challenges of working remotely will be well positioned to operate in the market successfully in the coming months and beyond.
*Disclaimer: The information on the Anthony Gold website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. It is provided without any representations or warranties, express or implied.*