Property market still moving in lockdown

Manisha Bhula

PROPERTY transactions are still able to take place under the new lockdown restrictions.

Although many businesses have had to furlough staff and temporarily close their doors, including non-essential retail, estate agencies are allowed to carry on.

In December, Nationwide reported that UK house prices had risen by 6.5% year on year, with the average property valued at £229,721.

Last year, chancellor Rishi Sunak announced a stamp duty holiday on purchases under £500,000, if completed by March 31 this year.

The move was designed to protect hundreds of thousands of jobs, benefitting businesses across the housing supply chain and beyond, with the Bank of England estimating that households who move are more likely to purchase items such as furniture, carpets or major appliances.

Associate Solicitor Manisha Bhula, head of Blandy & Blandy Solicitors’ Residential Property team, said: “Unlike during the first lockdown in spring 2020, the Government has confirmed that the housing market will be allowed to remain open.

“The latest guidance explains that you can still move home and estate and letting agents, as well as removal firms, can continue to work.

“If you are looking to move, you can go to property viewings. People should follow the national guidance on moving home safely, which includes advice on social distancing, letting fresh air in, and wearing a face covering.

“People outside your household or support bubble should not help with moving house unless absolutely necessary.”

She also said that the Stamp Duty (SDLT) ‘holiday’ is currently set to end on March 31, which would result in a busy period of activity for house buyers and all those involved in the housing market.

“Our leading Residential Property team continues to work and advise new and existing clients remotely,” she added.

For more details, visit www.blandy.co.uk, or call 0118 951 6800.

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