JMP Solicitors: Buying and selling property during a pandemic – where are we now?

By The Editor 31st May 2020

With lockdown restriction measures easing, homeowners and prospective homebuyers can feel confident that the market is moving again.

Those interested in buying a property can now progress, as long as guidance from the Ministry of Housing Communities and Local Government is followed.

Reflecting on the ongoing COVID-19 pandemic and the current status of the property market, there are a number of considerations to take into account if you're thinking of buying and selling in the current climate.

Housing prices have not been affected.

Many have been waiting to sell for a while and the housing market has been very active since the easing of lockdown restrictions. An overview of the current housing market and enquiries we've

dealt with show that prices are stable and aren't particularly falling. The market was not affected by Brexit and other political issues that have arisen in the past year, and COVID-19 is no exception at present. Of course, no investment is risk free but with property whenever prices have fallen, they always rise again. It's a good time to remortgage Interest rates for remortaging a property are currently at a low, meaning you could get a good deal on the remainder of your mortgage payment. You may also be able to fix a mortgage rate to protect against future interest rate increases. It is possible to release some equity as part of remortaging, helping you to get your finances back on track if you have found yourself in a financially challenging situation during the pandemic. You can also release equity towards home improvements, increasing the value of your property for when the time does come to sell. We are adapting to the 'new normal' Despite lockdown measures easing, we are still not completely back to the way things were, and it is uncertain when this will be. Everyone from estate agents, financial advisers and solicitors have been working behind the scenes and now have new processes in place to deal with the new way of living and working. Don't put off buying because you think we are in 'uncertain times'- this is the new normal. Jacqui Harley is a licensed conveyancing technician and a conveyancing executive at JMP Solicitors, heading up the Residential Conveyancing department. For further advice please call Jacqui on 0800 085 9966 or email [email protected]. About JMP Solicitors Established in 2000, JMP Solicitors is a Grantham-based multi-service law firm providing services for a diverse range of local and national clients from individuals, to companies and organisations.

     

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