New Covid-19 restrictions
and what they mean for the property industry…
Following the Prime Minister’s most recent announcement, the United Kingdom has introduced new measures to help combat the coronavirus pandemic.
The UK has now adopted a three-tier system which details restrictions specific to each tier. These apply on a local basis according to the severity of positive cases, and surging areas where cases become more frequent.
So how does this directly effect the industry we love, and which we operate within: Property?
Under the governments new advice, estate agents will remain fully operational, and physical property viewings are currently still allowed across England (subject to a rigorous booking procedure and provided that social distancing is maintained). Sometimes, this is not always possible which admittedly makes the viewing of properties rather difficult. However, this is unlikely to dent the current high level of interest from potential buyers which is only encouraged by the continuation of the stamp duty holiday. Completing a purchase before its ending date on 31st March 2021 is looking like an interesting prospect right now as despite everything, the current measures in place are unlikely to deter potential buyers.
One thing growing increasingly more common is the introduction of ‘Virtual Viewings’, which eProperty Agent have embraced with open arms - publishing our first just a couple of weeks ago which you can view below.
So what are the tiers?
Tier 1 - Medium Alert
In tier one, all businesses and venues can continue to operate in a Covid-secure way, other than those currently closed by law. Property viewings can continue to take place as long as Covid 19 safety measures are taken and there are no more than six people in the property at one time. You can achieve these measures easily by ensuring a face covering is worn, regular hand washing is adhered to and windows and doors are kept open to allow easier ventilation during the viewing.
Open house viewings are not allowed at this time.
Tier 2 - High Alert
Tier two encapsulates all of the rules from tier 1, with the addition of restrictions on meeting. You must not meet with anybody outside of your own household or support bubble in any indoor setting, including your home or a public place.
In person property viewings are still permitted with appropriate precautions, however - which restrictions becoming more vague in nature - potential buyers, home owners and tenants are less likely to allow access which could lead to delayed viewings or request they are undertaken virtually.
Tier 3 - High Alert
Tier 3 is reserved for areas where transmission rates of Covid-19 are causing the greatest concern. People living in these areas are not allowed to meet anybody outside of their household or support bubble un an indoor or outdoor setting, apart from wide open public spaces such as parks, where the rule of six will still apply.
This tier bodes the biggest impact for the property market, and whilst the government guidelines dont state that physical viewings are banned, it can be assumed that in many cases estate agents, sellers and buyers will decide against going to see properties whilst restrictions remain in place. However, renewed lockdown measures may also heighten people’s desire to move if they are continuously unhappy with their current accommodation and the tier level it falls under.