Easing Lockdown For Housing Market - Timeline Discussion

Steve_KCS

You'd imagine that the government and particularly the Chancellor will be looking at this very closely and it should be a fairly straight forward business model to operate under social distancing. 

For example, home reports and photographers to get properties on the market can be done by an individual with social distancing. 

Similarly, house viewing can also be conducted under social distancing. 

Valuations will be unlocked and the majority of Mortgage applications are Digital now. 

Do we see this as one of the easier industries to unlock post easing of the restrictions when that may be? 

Comms69

Social distancing isnt the law.  You can get photographs done now, today if you want. 

There is nothing to unlock as no estate agent, solicitor etc has been told to close....

Steve_KCS

Comms69 said:

Social distancing isnt the law.  You can get photographs done now, today if you want. 

There is nothing to unlock as no estate agent, solicitor etc has been told to close....

There are no physical viewing in the UK. Nor are there Home Reports getting done. 

Valuations are "drive by" at the moment 

Comms69

Steve_KCS said:

Comms69 said:

Social distancing isnt the law.  You can get photographs done now, today if you want. 

There is nothing to unlock as no estate agent, solicitor etc has been told to close....

There are no physical viewing in the UK. Nor are there Home Reports getting done. 

Valuations are "drive by" at the moment 

Yes but those are choices, there's nothing in law to stop these things from happening - arguably viewings are debatable. 

My point is that if the government hasnt said 'close', they wont say 'now open'

davidmcn

The only current legal problem is that going to do a viewing isn't currently deemed to be a legitimate excuse for leaving the house, and moving house is only deemed to be so "where reasonably necessary" which might need some widening out (not sure how many house moves are more frivolous affairs).

All the professionals involved can get on with their work legally, if surveys aren't being done that's because the surveyors are (I think) following current RICS guidance rather than the law.

There is also disruption at other parties involved in the process because of difficulties in working from home or social distancing in their workplaces e.g. Registers of Scotland have largely been shut down for several weeks.

Comms69

davidmcn said:

The only current legal problem is that going to do a viewing isn't currently deemed to be a legitimate excuse for leaving the house, and moving house is only deemed to be so "where reasonably necessary" which might need some widening out (not sure how many house moves are more frivolous affairs).

All the professionals involved can get on with their work legally, if surveys aren't being done that's because the surveyors are (I think) following current RICS guidance rather than the law.

There is also disruption at other parties involved in the process e.g. Registers of Scotland have largely been shut down for several weeks.

Indeed, it's on pause primarily because of buyers and vendors, not the middle people.

I cant see there being any issues with the market opening (and growing rapidly)

MovingForwards

A lot of Estate agents have furlough their staff and will need to get them back, or find new staff if the original ones secured work elsewhere. 

My sellers EA trimmed their staff right back, with the few remaining covering the whole of the UK.

Some lenders have furlough some of their staff. Solicitors have done the same and are working with skeleton staff.

Systems have been moved from office to home, everything will need to be switched back over and trial runs done to make sure everything moved back over safely and ok, same as when a company upgrades they don't just click a switch and say that's it.

For people to return to work, social distancing measures need to be put in place if the virus hasn't vanished, often not easily with open plan offices, crammed full of staff.

I imagine there are a few viewings going on still, if potential buyer / seller are both happy to do so, easier to do with an empty property.

Sales / purchases are still going on throughout lockdown, subject to having the staff working.

Valuations are currently done via desktop, which is fine for those with a high deposit, not good for those without it and needing the physical valuation, but it's been that way for quite a while anyway. That's how the valuations have been produced quickly and 'cheap', if a valuer had to attend every single property there would not be the quick / cheap turn out seen.

Desktop valuations are a look at the EA particulars / photos, checking for similar properties and how much they sold for and working out how much the property they are valuing is worth; there's been several posts where desktop valuations have valued to property thousands under the offer.

Remember, it was said if you cannot work from home, you can go to work. 

ProDave

I have an interesting possible situation.

I have a tenant in the process of trying to put her ducks in a row to buy the house she is renting from me.  Presently waiting for a response from her financial adviser.

If the sale goes ahead, there will be no moving, she will end the tenancy on the completion date and move from tenant to the owner.

It would require the banks / building societies to be operating and of course solicitors.  Probably the sticking point would be needing a surveyor to visit the house.

Joyful

Just before lock down, my estate agents arranged for only 1 family at a time to view the house. Unfortunately 2 days later lock down happened. I think that could be a way forward for viewing.

Crashy_Time

Steve_KCS said:

You'd imagine that the government and particularly the Chancellor will be looking at this very closely and it should be a fairly straight forward business model to operate under social distancing. 

For example, home reports and photographers to get properties on the market can be done by an individual with social distancing. 

Similarly, house viewing can also be conducted under social distancing. 

Valuations will be unlocked and the majority of Mortgage applications are Digital now. 

Do we see this as one of the easier industries to unlock post easing of the restrictions when that may be? 

They first need to fix the economy, or very few people will be buying, that is why it isn`t a priority for them, in fact they probably like the idea of "social distancing" being blamed for lack of activity.

Crashy_Time

Comms69 said:

davidmcn said:

The only current legal problem is that going to do a viewing isn't currently deemed to be a legitimate excuse for leaving the house, and moving house is only deemed to be so "where reasonably necessary" which might need some widening out (not sure how many house moves are more frivolous affairs).

All the professionals involved can get on with their work legally, if surveys aren't being done that's because the surveyors are (I think) following current RICS guidance rather than the law.

There is also disruption at other parties involved in the process e.g. Registers of Scotland have largely been shut down for several weeks.

Indeed, it's on pause primarily because of buyers and vendors, not the middle people.

I cant see there being any issues with the market opening (and growing rapidly)

Really? None at all?