What Is The Impact Of COVID-19 On The UK Housing Market?

Moving house is a stressful situation. We are now in our forever home (unless we win the lottery!) so I can’t see us moving again. We’ve been here for 3 years now and absolutely love the village we live in. As much as I don’t want to move again, one of my favourite past times is looking at houses online. We look at those dream houses in secluded areas with stunning gardens! But what now is the impact of COVID-19 on the UK housing market?

What Is The Impact Of COVID-19 On The UK Housing Market?

The other day I was chatting to a friend and they knew someone who bought a house without even viewing it! All they had to go by was pictures. I was actually pretty stunned! A house is the biggest purchase of your life, you need to be ready with your mortgage and it’s not something to be taken lightly. However, with coronavirus in our lives, going into someone’s home to look around is a scary thought. So are virtual house tours the way forward for the housing market?

Well, the government’s latest guidance says buyers should use virtual viewings to filter properties and only view homes in-person once they’re seriously considering making an offer. When you do go to a house viewing you mustn’t touch any surfaces, must follow social distancing rules, and wash your hands before entering and exiting the house.

The UK housing market came to an absolute standstill during lockdown. But since reopening, it’s starting to get back on track. This of course will be helped by the government’s cut in stamp duty. Experts are saying it’s still too early to see how house prices have been affected by COVID-19, but the Land Registry’s UK House Price Index is due to be updated with correct figures by October.

Ont thing that has been noticed is that there is a huge surge in searches for homes with gardens further away from the cities Rightmove has reported. Well if you think about it this makes perfect sense. Most people have been working from home and this is going to be an ongoing situation. They are looking for space for a home office or a garden office, it’s made everyone think about their working conditions for sure.

With job uncertainty for many, wage cuts, failing businesses, and high unemployment people are very cautious when it comes to moving home at the moment, and they have every right to be. Unfortunately, this leads to a massive fall in house prices.

Thanks for stopping by today, I hope you’ve enjoyed this post.

rachel bustin
Thank you for sharing

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