Published: 27/04/2020 By Mark NicholsonPositive signs are emerging as the UK property market restarts some activities, thanks to new initiatives from surveyors, lenders and estate agents.
At the start of the lockdown, many lenders withdrew mortgages with a loan to value of over 75%. This was partly to reduce the workload as banks adapted to their staff working from home but also as lenders were worried about a property price slump.
In a sign that this fear is receding, lenders including Santander, Nationwide and HSBC have unlocked these products again and are now offering mortgages with 85-90% LTV. Virgin Money has begun to offer purchase mortgages again, and Santander has increased its maximum loan size - from £300,000 to £500,000 - and cut fees on its residential mortgages.
Traditionally banks would insist on a surveyor vising a property to perform a mortgage valuation to confirm its value prior to a mortgage offer being issued, with the coronavirus restrictions in place this has not been possible. However, the banks have adapted to the restrictions and are now issuing mortgage offers on the back of drive-by and desktop valuations conducted by the same surveyors.
Homebuyer reports and building surveys are still unavailable on occupied properties, but the new mortgage valuations mark a big step forward in getting the property market moving once more.
In estate agency, virtual and video viewing are now being embraced as home hunters return to the market, in the last 2 weeks - sales agreed across the DN22, DN10 & NG22 postcodes are up 37.5% on the previous fortnight.
If you are considering selling an empty property, with a severe lack of new houses being listed on the market, now actually could be a really good time to sell.
As always, I'm at the end of the phone and happy to help with any property related questions you have. Whether you need to know the legislation in place to assist landlords, homeowners or tenants or if you have questions on the property market and would like to discuss the value of your home give me a call - 01777808777, drop me a message or email me: firstname.lastname@example.org