Estate agents and those employed in the housing market are likely to be one of the first sectors to go back to work.
An announcement by the Housing Secretary Robert Jenrick is expected tomorrow that will kick start the housing market in England, by allowing work to resume.
Travelling restrictions had been imposed on agents for purposes that were deemed non-essential, however these restrictions are set to be eased to include explicitly, dealing in property. It follows:
However, this still may preclude in-person viewings unless this can be managed within the restriction guidelines.
The UK property market underpins the economy. We believe this is why the Government is keen to get the housing market moving to steer it away from a potential house price crash.
A stress test by the Bank of England warns a drop in house prices could be as much as 16% . However, a bounce back is likely.
The Office for National Statistics (ONS) has taken the extraordinary step of temporarily suspending the publication of its House Price Index, to counter the effects of the lock-down measures on the housing market.
It has suggested publishing statistics will not give a true indication of where the property market sits and also does not take into consideration a systematic rise of the economy and fall in unemployment, after restrictions have been lifted.
How ONS plans to gather property pricing data, will depend on how the Government’s Covid-19 three-step recovery strategy companies in the housing market.
It will not be until after lock-down restrictions are eased that we will get a sense of the new temporary normal conditions for the housing market.