It’s been a year like no other.
The past 12 months have completely changed many of our lives, with enforced lockdowns and social distancing measures implemented across the UK.
As a property investor, you may feel completely overwhelmed with the changes that have occurred in the property market.
While the industry is arguably stronger than ever, with huge price growth across the country, you may still have a lot of burning questions that need answering.
That’s where we come in.
Here at Investment Property Agent, we have compiled a list of all the most common questions we get asked about Covid-19 and property.
From private landlords to virtual viewings, we have every answer you could want.
If you do have a question that isn’t here, though, be sure to contact our expert sales agents today for more information.
If you want to view our latest properties or guides, be sure to check out the rest of our website.
Is the Housing Market Open During Lockdown 3?
Yes, the housing market has remained open during the latest national lockdown.
This means you can still buy, sell, and move property during this time, as it has been classed as a reasonable excuse to leave home.
Of course, there are safety precautions you must follow while operating in the market, such as maintaining social distancing, wearing masks, and washing hands regularly.
Can I Move Buy, Sell, or Move Home If I Live in England?
Yes, if you live in England you can still buy, sell, or move home as per the latest UK government guidelines.
Estate agents are also allowed to continue operating.
This means you can market your home, and estate agents can visit it to take images of the property for sales purposes.
It is recommended by the government, though, that you carry out initial property searches online and should only visit properties in person when you are ready to make an offer.
Can I Move, Buy, Sell or Move Home If I Live in Scotland?
Yes, you can still buy, sell, and move homes if you live in Scotland.
However, it is important to note that guidance differs from the Scottish government.
They say that you can still “conduct activities in connection with moving home or the essential maintenance, purchase, sale, letting or rental of a residential property that you own or are responsible for,” but that you are advised to postpone activity if possible.
It also notes the importance of using online platforms and virtual viewings.
Can I Move, Buy, Sell, or Move Home If I Live in Wales?
In Wales, the answer to this question is a little more complicated.
The country has been under Tier 4 restrictions since the 20th December, and while you can technically move home, it is strongly advised you don’t until after restrictions end.
Like England and Scotland, the Welsh government advises using virtual viewings and online searches whenever possible and to avoid any mixing while attending a viewing.
Furthermore, high street estate agents have been forced to close to the public. Although, it should be noted that removals and valuations can still take place.
Are Viewings Permitted During the Coronavirus Pandemic?
Yes, viewings are allowed to take place during the latest national lockdown.
The government advises investors and buyers to use virtual viewings when possible to minimise public health risk.
It’s also encouraged that buyers and renters do their initial searches online, with initial viewings done virtually.
If you are highly interested in a property and intend to buy it, you may view the property in person.
Viewings may be appointment only, and open house viewings are prohibited.
You will also need to adhere to any guidelines, such as social distancing and the use of face coverings unless exempt.
Those whose property is being viewed are advised to open all internal doors before the viewing and provide easy access to handwashing facilities.
What Are Virtual Viewings?
Virtual viewings are the latest technology offered by estate agents to help maintain social distancing.
Using a mobile or desktop computer, sellers can guide potential buyers around the property using a conference app such as Facetime, Zoom, Microsoft Teams, or Whatsapp.
Virtual reality is also starting to be used. This means you can get a realistic, immersive view of the property like never before.
You can use a smartphone for this, and also a VR headset if owned.
How Do I Safely View Properties During the Covid-19 Pandemic?
It’s advised viewings should be arranged via appointment only, with open house viewings strictly prohibited.
You should also actively avoid touching any surfaces and wash your hands regularly through soap or hand sanitiser.
It’s important to continue maintaining social distancing measures, providing a 2m space, and wearing an appropriate face covering at all times unless exempt.
If you are attending property viewings with small children, try to ensure they also avoid touching any surfaces and promote actively washing their hands regularly to prevent contamination.
Can I Make Offers or Reservations?
Yes, you can still make and accept offers or reserve a property during the pandemic.
The UK government guidelines state that there is a greater risk for delays if someone involved in the transaction shows symptoms of Covid-19.
This means you should consult your legal adviser to ensure contracts or agreements can be as flexible as possible.
If a buyer wants to arrange an inspection of the property, it should only be done so with one person visiting the building at a time.
The surveyor should also not enter the property if a household member has shown symptoms of the virus.
They should also follow other guidelines such as social distancing, hand washing, and the minimisation of contact.
How Has Coronavirus Affected House Prices?
Covid-19 has dramatically increased the average house price in 2020, with demand for property at historic levels post-lockdown.
According to lender Halifax, average property prices have exceeded £250,000 for the first time in history.
As of October 2020, house prices were 7.5% higher than a year ago.
The Telegraph reports that house prices have grown at their highest rate since 2004.
This increase has been due to many factors.
Firstly, people have been locked inside of their homes for months and have since decided to seek a new property with more space and facilities they require, such as a home office or garden.
Secondly, the Stamp Duty tax holiday has meant that buyers can make huge savings, reportedly up to £15,000. This has promoted strong activity from domestic and overseas investors.
How Will the Vaccine Impact the Housing Market?
The vaccine will likely have a positive impact on the housing market.
Confidence will increase amongst potential buyers, promoting those who put off moving due to uncertainty to now do so.
Likewise, many people decided to leave major cities to avoid the threat of catching the virus.
With the vaccine being implemented, people may return to the cities’ hustle and bustle, making property in high population areas more likely to be purchased.
How Does Coronavirus Affect My Mortgage?
As per Money Super Market, mortgages have been impacted by the virus.
Some first-time buyers now need higher deposits than before lockdown, with some lenders asking for a 10-15% deposit.
Some lenders are freezing payments for up to six months, with interest still charged during the period.
Interest rates have also been cut to a historic low of 0.1% for those borrowing on tracker rate and variable mortgages.
For more information, be sure to directly talk to your mortgage lender, as information can change based on the lender.
Are There Properties on the Market?
Yes, there are still plenty of properties on the market.
Unlike the first national lockdown, the current guidelines state you can still buy, sell, and move homes in 2021.
As such, there are plenty of properties available for purchase, both off-plan and already built.
Our off-plan properties are still under construction as normal, so you can still purchase the right property for yourself.
To look at all our latest opportunities, and take part in a virtual viewing, contact us today.
Should I Buy and Sell Property During Covid-19?
For investors looking to buy, sell or rent their property during the pandemic, you may be concerned about the state of the market.
Well, there has arguably never been a better time to get into property.
Prices are increasing at record levels, with the average UK property surpassing the £250,000 mark for the first time.
Likewise, the growth has been so big that future predictions have been changed to accommodate the rising levels.
In 2024, Savills predicts property prices will increase by a further 20.4% in the UK. This was updated from an initial 15%.
In fact, with prices increasing at such high levels, it may be smarter to keep hold of a property or purchase another one to expand your portfolio.
If you are not an investor, though, you can still safely sell your property during Covid-19.
Can Developers Open Show Homes?
Yes, developers can still open show homes, and potential buyers can still view them.
The government guidelines suggest that virtual viewings should be promoted.
When physical viewings are needed, it should be done on an appointment basis with one household viewing a property at a time.
Agents should notify visitors in advance of the need for appropriate face coverings, and the agent should wear one too.
Surfaces should also be cleaned between viewings.
Are Property Developers Still Working During Lockdown?
Yes, most work is continuing as usual on properties.
This means you don’t have to worry about heavy delays on your investment.
If you want to check out our latest property opportunities or see how the development is going, make sure you contact us today.
Are Open House Viewings Allowed During the Covid-19 Pandemic?
No, open house viewings are not allowed during the lockdown.
If you want to view a home, it should be one household per property viewing and be on an appointment basis.
Can Removal Companies Operate During Lockdown?
Yes, removal companies can continue operating, although procedures may have changed to ensure safety.
The government advises that you do as much of the packing yourself and clean your belongings with domestic cleaning products.
If you cannot get a removal firm’s services, one other household can help you move, but the appropriate guidelines like social distancing must be adhered to.
When the workers enter your home, it’s important to open all internal doors to allow airflow and ensure that social distancing measures are followed.
Both parties should wash their hands regularly, and there should be easy access to handwashing facilities with separate towels used.
Can Tradespeople Still Come to My Home?
Yes, tradespeople can still come to work at your home.
Whether you are looking to revamp your house with a new kitchen, or general home improvement, tradespeople can still operate within your home.
It’s important to maintain all the guidelines previously stated, like washing hands regularly, wearing a mask, social distancing, and all internal doors opened for airflow.
How Have Landlords Been Impacted by the Pandemic?
Private landlords and lettings agents have been heavily impacted by guidelines to ensure tenants’ safety is paramount.
For starters, legislation has been implemented to delay when landlords can evict tenants through longer notice periods.
If looking for new tenants, repairs and safety checks with gas and electricity should be conducted between the time the property is vacated and a new tenant moves in.
Other guidance includes trying to find remote solutions to in-person payments, referencing, and further checks.
Moves into a house in multiple occupation (HMO) and student accommodation are still permitted, but reasonable steps must be taken to reduce transmission of the virus.
Delays in payment for landlords have been particularly damaging, with recent reports finding that rent arrears have hit a record £1bn.
In fact, the report states that there was a 30% increase in outstanding rent arrears since March 2020, with forecasts predicting pre-pandemic levels won’t return until March 2022.
How Have Estate Agents Been Impacted by the Pandemic?
Estate agents have been given several guidelines to ensure safety can be maintained while business continues.
Here, agents should ask if buyers or sellers show any symptoms before viewings or office visits.
Furthermore, appropriate face covering, handwashing, and social distance guidance should all be followed for viewings.
Can Exchange Still Go Ahead?
Yes, exchanges can still go ahead.
The vast majority of the sales process can carry on as usual, with many workers operating from home.
When preparing for an exchange, it’s important to remain in contact with your solicitor to make the process as smooth as possible.
Are Properties Still Being Completed?
Yes, properties are continuing to be constructed during the lockdown.
There are a chance delays can occur, with workers sometimes forced to self-isolate if they show symptoms.
Currently, there are no delays on any of our projects.
If you want a chat about how the development is going, don’t hesitate to contact us.
How Are We Dealing With the Coronavirus?
Here at Investment Property Agent, we have strived to ensure that business can occur as usual while ensuring public safety.
All of our workers are currently working from the safety of their home to ensure no transmission occurs in the office.
We are also offering virtual viewings and chats with our experts so you can stay fully informed and safe.
If you want to view any of our properties or ask for anything property related, be sure to contact us today. Our experts will guide you through each step of the process so you can feel confident in your investment.