With lockdown restrictions finally beginning to ease in the UK and across Europe the property market is likely going to begin to recover.
However, just because the property market is now open and people are able to leave their homes to purchase property, the actual act of buying and selling property will be vastly different from what it was before the Coronavirus pandemic began.
With that being said the process will remain generally similar as people, landlords and estate agents will still go through the same general routine regarding viewings or valuations, but they ways in which these tasks will be completed will have changes implemented in order to comply with the ever changing government regulations regarding social distancing and unnecessary journeys.
How will COVID-19 affect the purchasing of property?
Traditionally the process of buying a house would involve numerous trips to various houses, perhaps across several neighbourhoods and even numerous estate agents. This will all change post COVID-19, in order to prevent a second “spike” in cases.
Virtual viewings and tours are likely going to increase in order to prevent any unnecessary journeys or prolonged periods of human contact with people outside of the household. In some cases if you return for multiple viewings or a final viewing before purchase a face-to-face viewing may take place but virtual tours may become the new normal.
However, a virtual tour can never give you a full look at a property, meaning it will also be essential to do thorough checks on the house and find out as much information as possible before making a decision. Whilst this is recommended normally, it will become even more important when multiple face-face viewings aren’t always an option.
If you do make a purchase, especially in the months immediately after COVID-19, the process of moving in may also have changed and there will be rules in place regarding social distancing. These rules are likely to change constantly, so it is essential that you keep up to date on the guidelines for moving in a post COVID-19 world.
How will COVID-19 affect the selling of property?
As of the start of May the government advice on moving house was that it should be avoided if possible and if this restriction remains in place it will be difficult to sell property.
That being said, with the lockdown easing and businesses reopening throughout July the selling of property will likely become easier as people are able to move into new homes again. However, there will likely be issues regarding human contact and social distancing that you, as a seller, will have to follow.
When getting your home valued it is recommended that your house should be assessed by multiple letting agents and you shouldn’t be tempted to skip this process. Instead, proceed with caution and always observe social distancing rules and be sure to conduct the correct hygiene methods after meeting with agents or potential buyers to ensure that everyone remains safe.
What is likely to change?
As the government advice regarding COVID-19 changes on a weekly basis, the precautions set out for the property market today may be different in a week or even a month’s time.
That being said it is likely that social distancing will remain a large part of the efforts against COVID-19 which will restrict important parts of buying and selling property such as viewings, valuations, open houses and more.
The best advice is to ensure that you remain up to date on all the latest measures and precautions regardless if you are selling or buying property whether that’s commercial or residential.