Positive news from today suggests that surveyors can enter the home to complete valuations, renters and prospective buyers can view property and removals can once again assist people in their moves.
Why it’s of interest may be an obvious answer? The inability to survey or view a property has been one of the main contributing factors to the property market freeze, both remortgage and new applications.
What this means for consumers? Which lenders were first to sign up? Will it impact remortgage more than new applications? Miles Robinson, Head of Mortgages at online mortgage broker Trussle, comments below:
“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. Some lenders, such as HSBC and others have already confirmed that valuations are starting to be booked in.
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.”