Moving house: Everything you need to know as lockdown eases

The property market has officially reopened for business after the Government said estate agents could restart viewings and home moves could go ahead again.

Almost half-a-million property transactions that had stalled in lockdown can restart from today, while sellers can brave the market and buyers can go house hunting again.

But it’s far from business as usual. Official guidance strongly advises online viewings where possible and warns that buying and selling a home will not return to ‘normal’ in England.

So, can you get a stalled move back on track, visit that property you’ve been eyeing up online, or even get an agent round to value your home for sale? We answer the crucial property market restart questions.

What are the rules on restarting the property market?

The property market restart will be welcome news for the estimated 450,000 buyers and sellers stuck in property limbo, according to government figures, who will now be able to exchange contracts and complete on purchases.

They had been advised not to do this in lockdown: to only move if essential and if that was into an empty property.

Surveyors and agents were also not allowed to visit properties, stalling mortgage valuations, building surveys and thwarting evaluations and viewings.

Crucially, surveyors will now be permitted to go to properties to do mortgage valuations and building surveys for prospective buyers.

Agents can also reopen high street premises, do valuations, photos and floorplans, list properties for sale and do physical viewings.

But guidance published on the Government’s website warns this cannot be the same format as before the coronavirus lockdown – and social distancing must be observed.

My home was already for sale, how do I continue?

If your home was already on the market, contact your estate agent to find out how they’re approaching restarting viewings.

Many have said already that they are prepared to do physical views from today, following the guidance released by Government last night.

There are strict guidelines, however.

You’ll need to be out of the house while people are viewing it. Social distancing rules still apply and many agents are saying that all parties will need to wear masks and gloves while in a property.

Virtual viewings will still be used initially and you’ll need to ensure your property is thoroughly cleaned before someone else moves in.

Be prepared to expect delayed moves if someone involved gets coronavirus and no-one should be moving into any home where people have coronavirus or are self-isolating.

Will I need to get my home revalued?

There’s been a lot of talk about the effect of lockdown on house prices, so be prepared for a conversation about your asking price with the estate agent.

If you want to sell quickly then you might be wise to downgrade your expectations. Forecasts of price falls range from 5 per cent, by Lloyds Banking Group, to 7 per cent, from Knight Frank, 13 per cent by economists at Cebr and up to 16 per cent by the Bank of England.

That said, estate agents are expecting a surge in inquiries from prospective buyers so, depending on the condition and location of your property, there may be sufficient interest to support your original asking price.

Indeed, Rightmove said this morning it’s seen a 45 per cent increase in visits to its website today compared to yesterday. Your estate agent will be able to advise you on the best approach to take.

Just remember that even though people might be window shopping, they may not want to commit to actually buying or be able to do so – and they may struggle to sell their home.

Can I start viewing properties this weekend?

You can start viewing properties now, if you want to buy, but that is within pretty strict guidelines.

Whether you can view a property in person will depend on whether there is an agent available to conduct the viewing and also on whether the person selling is happy to have people into their home.

It’s unlikely that a huge rush of people will be comfortable having a string of strangers through their home at the moment, but if properties are empty or vendors are happy to be out while the viewing takes place, it may well be possible.

Sean Herdman-Low, senior negotiator at Maxwell’s Estate Agents in Banbury, says: ‘As well as getting the housing market and the economy back on track, the most important thing for us is to make sure that we are all safe, including staff and all clients.

‘We will be working with all of our vendors to set up safe ways of conducting viewings and only if they are comfortable to do so.

‘We have got gloves and masks for everyone to use and will of course be ensuring social distancing rules are followed throughout.’

He adds that virtual viewings are also going to remain in place and have a vital role to play for some time to come.

‘They have proved very popular and easy to do,’ he says.

‘We will be aiming to do them on most of our properties from now on and ensure they look professional. We know from our marketing that videos get brilliant engagement online and on social media so it makes sense to continue with this.

‘We have had some real successes with virtual tours with a sale being agreed and houses coming to the market totally virtually.’

I agreed to buy before lockdown – can we move?

If you already agreed to buy a home, your solicitor may have advised you not to exchnage contracts and set a completion date, as at that point you are locked in.

You could now exchange and set a moving date, but you’ll need to find a removal firm willing to do the move if you need help.

Many prospective buyers are likely to now want to renegotiate on the price they previously agreed, as they feel house prices have failed and their finances may have taken a knock.

Joanne Robinson, 40, is a property lawyer who has been renting in London and has bought a property in Amersham to be closer to her work in Beaconsfield.

Before the housing market froze she had a sale agreed but had not exchanged contracts.

However, she managed to exchange on April 28 and now has a moving date set for May 29.

She says: ‘Despite all this disruption I am absolutely determined to move ahead with this purchase and push things through.

‘Moving from central London to Amersham is crucial for my work and the home I have bought is absolutely perfect for my needs now. Keeping in close dialogue with the current owner is helping to keep things alive and kicking. ‘

She has successfully secured a removal firm and says it will be a relief once she is in her new home.

I want to buy but haven’t got a mortgage agreed – can I now apply?

Most mortgage brokers and lenders have been able to conduct interviews and conversations over the phone or online already.

Banks and building societies have also been making mortgage offers, although much fewer than before lockdown.

I Banbury-based mortgage broker Vantage Mortgages says it has remained busy throughout the lockdown.

Adam Messer, who heads up the firm, says: ‘Mortgage lenders have remained open throughout and rates are still as low as they have been for a long time.

‘Demand has stayed strong with clients still needing to remortgage and purchase applications going in to lenders.’

Many mortgage lenders had curbed their willingness to offer new mortgages, especially to those with a smaller deposit.

But now that surveyors are allowed into properties to conduct mortgage valuations, it’s possible they’ll be more comfortable offering mortgages from now on.

Jeni Browne, director of mortgage broker Mortgages for Business, said: ‘Mortgage lenders and, indeed mortgage brokers, are open for new applications so there is nothing to stop you getting a mortgage agreement in principle.

‘Likewise, having an agreement is not a prerequisite to viewing property but you will find it hard to get an offer accepted without one.’

An agreement in principle is usually quick to obtain – sometimes even instant – so if you jumped on this today, you may be able to lock into a super cheap deal as rates are at their lowest ever at the moment.

However, experts are also warning that pent-up demand could see mortgages take longer to get sorted.

‘We recommend that buyers get their finances in order as soon as possible as processing times may take longer than usual as lenders deal with a flurry of applications,’ says Chris Sykes, a mortgage broker for Private Finance.

‘There is still limited availability of high loan-to-value mortgages at 90 per cent and above and those heavily reliant on bonuses or commission may need to widen their search of lender, but this is where expert advice is extremely valuable.’

This is Money’s mortgage finder calculator can help you see what rates could be available to you.

My sale stalled because the mortgage lender couldn’t do a valuation done – will it happen now?

Some banks and building societies have already announced that their valuers are going to be carrying out physical inspections as soon as possible, albeit within certain guidelines.

In that case, there is a chance a valuation could be imminent. However, not all lenders have made this decision so it may be worth just checking whether going to a new lender could expedite matters for you.

If the property is more specialist – say where a landlord is looking to buy an HMO, house in multiple occupation – a physical survey has to take place.

‘We may still be a few weeks away from getting the application unstuck in that type of instance,’ says Browne.

‘Speak to your broker who will be able to keep you up to date as the market opens up and can advise whether there are alternative lenders who can move quicker for you.’

Because no physical valuations have taken place since 23 March, there is going to be a big backlog to deal with so be patient.

There will be delays to all sales but with mortgage valuations in person now permitted, transactions that have gone awry will slowly get back on track.

‘The timing around valuation will depend somewhat on how much you want to borrow and whether your mortgage can be based on an automatic or desktop valuation,’ says Browne.

‘There will inevitably be a backlog as valuers start to get back out so if you will need a physical valuation so I’d do advise getting into the queue as soon as possible.’