"There is still a long way to go before we have a fully functional housing market but this is a tentative first step in the right direction and cause for celebration."
As set out in the legislation, the government is now permitting people to move home, to visit estate or letting agents, to view residential properties, and to visit a residential property to undertake any activities required for the rental or sale of that property.
Andrew Montlake, managing director of Coreco, commented: “It’s great that the Government has recognised the importance of the housing market to the wider UK economy, and many anxious buyers will be relieved that they can now continue with their transactions after weeks in limbo.
“There is still a long way to go before we have a fully functional housing market but this is a tentative first step in the right direction and cause for celebration.
“The great unknown is how cautious surveyors will be with their valuations and lenders their criteria but that will become apparent in the days and weeks ahead.
“Demand is certainly still there. We have received a lot more enquiries in May, with many people now looking to move to more rural areas given the perceived reduced risk from future peaks and pandemics.
“Clearly it’s essential that firms do not rush their staff back before they have the requisite safety measures in place, although all the agents we speak to are adhering to the very highest standards.
“It’s vital that all those working in the property industry, as well as buyers and sellers, landlords and tenants, are kept as safe as possible.
“This is a chance for everyone in the property market to show their professionalism and lead from the front.”
Lucy Pendleton, property expert at James Pendleton estate agents, said: “It’s a brave new world but the viewings must go on. We’ve got all the necessary PPE ready to go, and buyers and sellers keen to start viewing straight away. We’re just waiting to hear what the government’s detailed guidelines are.
“Agents have been desperate to get back to business, and an explicit mention for the sector in the government’s lockdown strategy on Monday was noticeable by its absence. You could almost hear the collective sigh of relief when news that agents could get back to work trickled out late yesterday afternoon.
“It’s fantastic news that agents aren't going to have to wait until July to start showing properties properly again, as we will find out sooner rather than later whether some of the more dire predictions for the housing market will come true. In London, we have seen absolutely no sign of the conditions that would normally precipitate a marked fall in prices. We expect a similar picture to be playing out across the country.
“Lack of supply exacerbated by sellers delaying their moves until after the pandemic has eased significantly is going to put a floor under prices, much like it did during the Brexit negotiations. Borrowing rates are extremely low too and that’s going to boost buying power.”
Miles Robinson, head of mortgages at Trussle, added: “New regulations set to come into force today should provide the property market with a much needed boost after the lockdown period. From today, surveyors can enter the home to complete valuations, renters and prospective buyers can view properties and removals can once again assist people in their moves.
Reallowing surveyors to enter homes as long as a distance of two metres is maintained means that physical valuations can get going again.
Over the past few weeks, we’ve seen desktop valuations acting as a stop gap in an attempt to keep surveys happening. A high proportion of those desktop valuations have only been for those with a loan-to-value of less than 75%. Additionally, some properties require a physical valuation. These include those in flood risk areas, those with previous adverse valuations, and some new build properties.
While surveyors can now enter the home, it’s important to stress that visits are still only advised when absolutely essential. With a high proportion of the UK watching their finances more closely, we may see today’s announcement boost the remortgage market further.”
