Plan to revive home sales: sellers must wait in the gardens

Ministers and real estate industry officials will formulate a plan to revive home sales under strict social distancing rules this week, The Mail on Sunday can reveal.

Housing Minister Christopher Pincher will hold a video conference with the commercial body for real estate agents to discuss how people can safely start buying, selling and moving into their homes.

Proposals under consideration include asking sellers to stay in their gardens during visits and requiring potential buyers to wear masks and gloves. Additionally, visits to each property may be limited each day.

Waiting: Home sales have stopped during the Covid-19 pandemic after the government ordered a temporary freeze in March

Last week, government officials made a series of Zoom videoconference calls with working groups comprised of lawyers, carriers, real estate agents and moving agents to devise a series of measures to restart the real estate market.

Home sales stopped during the Covid-19 pandemic after the government ordered a temporary freeze in March. An estimated 373,000 purchases of £ 82 billion worth of property are on hold until closing.

Fears are rising that house prices could fall sharply if sales resume at a time when the economy is heading for a deep recession. Industry sources said the government wanted the housing market to move again as soon as possible.

The social distancing plans being discussed will be sent to Public Health England for approval and are expected to be finalized ‘within two weeks’.

Preliminary discussions last week focused on a set of standards for ‘socially distanced’ views and legal transactions. Sources said that home sellers are expected to open all of their internal doors and turn on their lights so that potential buyers do not have to touch any surface.

Vendors will be asked to temporarily vacate your property during each visit, perhaps stay in your yard or go to the grocery store or take a walk, to avoid physical contact with visitors.

Viewers of the property appear to be required to wear gloves and masks and are expected to avoid touching anything within the property’s boundaries.

The number of spectators allowed on each visit is likely to be limited. The reservation of consecutive visits is also expected to be prohibited. Real estate agents should verify that no one on the property has Covid-19 symptoms. If any occupant appears to be showing signs of infection, all visits will be canceled.

Vendors are expected to clean their houses before and after each visit. Additionally, some disinfection work is expected to be carried out within the communal entrance areas in apartment blocks.

Lenders will calculate home valuations digitally using existing local market data and any existing data for the property being put up for sale, unless the buyer seeks to borrow a large amount in relation to the deposit they are depositing. for the House.

Any mortgage with a high loan-to-value ratio will require a physical visit from an appraiser who is expected to maintain strict social distance at all times. Meanwhile, attorneys are drawing up plans to electronically sign and witness mortgage documents.

This week’s talks will also address who pays for the protective gear worn by agents and prospective buyers and any required cleanup work. Industry leaders are also busy determining how to restart the hundreds of thousands of property transactions that have been suspended during the lockout. They fear that a fight to complete the deals as soon as the blockade is lifted could lead to long delays.

Mark Hayward, executive director of the National Association of Realtors, said: ‘There will be an increase in property completions coming out of the lockout. This will be a challenge because the removal people have put all of their staff on leave, but they will all want to move out on Friday after the end of the blockade.

‘So all of that needs to be managed. It will have to be a phased approach.

Lawyers have begun negotiating extensions to complete and lenders are being flexible throughout the mortgage contracts.

Hayward added: “The government is eager to see the real estate market start again, but we have to re-enter the market safely.”

Charlie Bryant, CEO of listing company Zoopla, said: ‘The real estate market can operate in a world of continuous social estrangement. You can find ways to avoid these problems.