The government’s decision to split the country into three separate tiers of Covid-19 severity is the latest twist to affect the UK and its housing markets.
It’s early days to predict exactly how much this will impact home moves in tiers 2 and 3, though Bankrate UK has already stuck its neck out and declared that it will slow activity down.
This seems likely if people are being advised to be extra cautious, and given recent suggestions that the market is overheating due to the stamp duty holiday, perhaps this isn’t a bad thing.
Within tier 3 people aren’t allowed to socialise with anybody they don’t live with or haven’t formed a support bubble with. This applies to any indoor setting, private garden and at most outdoor hospitality venues and ticketed events.
However, unlike back in March, there’s nothing advising people from moving, while the likes of estate agents are still working, and viewings are still happening.
Therefore, while there’s likely to be a slowdown in activity, it probably won’t be too severe.
And what’s more, unlike the market earlier in the year, property professionals are far more geared up to dealing with working remotely where possible.
Professionals are now used to taking precautions, like dealing with customers by appointment-only, keeping a safe distance and wiping down surfaces.
They are also using new technology. Bright Spaces, which enables companies to showcase their buildings virtually, is just one example of a tech solution that helps the market work remotely.
It remains to be seen how much of an impact the new restrictions have, but people buying more expensive properties will surely still want to take advantage of the stamp duty holiday affecting purchases up to £500,000 – so you’d expect activity to remain steady even in areas that are more restricted.
Ryan Bembridge, Editor, PropertyWire
