Lockdown 2.0 - What does this mean for the housing market?
It’s Lockdown 2.0 day today and many people may be feeling anxious about what this means for the housing market, whether they are buying or selling, or a landlord or a tenant. So, what DOES Lockdown 2.0 mean for the housing market?
Here’s our breakdown of the lockdown rules and what impact this might have on the market.
- The housing market is still open in Lockdown 2.0. Unlike earlier this year with Lockdown Numero Uno, the housing market can still be open in the same way as during social distancing measures. This is good news!
- Whether you are renting or buying, you can still move house!
- Landlords should be aware of Shielders requiring a little extra help. Shielding people may not be able to work remotely and may be back on Statutory Sick Pay (SSP) if unable to be furloughed. This could cause issues with rent arrears again. Tenants who are Shielding again may also be reluctant to allow maintenance to take place inside their homes again as well, so we urge you to be sensitive to their situation and speak with our team if you need more support managing this.
- Estate Agents, Property Management Teams and Removal firms can all still operate. Good news for keeping the market moving. You might find that more consultations or discussions are held online and visits may be virtual to start with, but keeping these businesses open is key to keeping things functioning well.
- Mortgage Holidays have been extended. To help with the fallout from Lockdown 2.0, mortgage holidays have been extended for a further 6 months. Good news if you’re struggling to pay your mortgage or if your tenants are in rent arrears.
- Processes might be slower. Logistical processes are taking time with estate agents and lenders working remotely, so patience is important when anyone is moving house – including tenants.
Quality property management has never been more important than it is right now – if you’re struggling, or just want to make things a bit easier on yourself, please chat with our team for expert advice, support, and management. We’re here to help you.