Housing market remains open in all tiers after review of restrictions

 

After reviewing the tier guidelines, the government has announced that buying, selling and letting activities can continue in all four tiers. What does this mean for the housing market?

Following a review of the tier system, renters and homeowners in England are still able to move in all tiers. Estate agents, tradespeople and removal firms are allowed to continue operating by going inside homes. And other professionals in the property industry, such as conveyancers, are also still able to work.

Housing Secretary Robert Jenrick stated on Twitter: “Housing market update: the sales and rental markets remain open in all tiers. All associated activities can continue as before. Please follow the Covid secure guidance. And use your judgment as to whether it’s necessary right now.”

The guidance from the government on moving during the COVID-19 pandemic has not changed. Safety measures, such as social distancing and wearing a face covering, must be followed when viewing properties in any tier. However, many in the property industry recommend using a virtual-first approach.

Newly introduced Tier 4 restrictions

The government has introduced new Tier 4 restrictions for London, the south-east and east of England. This decision was made due to a surge of COVID-19 cases in these areas and the growing concern about a new strain of the virus that is spreading quickly.

In Tier 4, people must not leave or be outside of their home except for when they have a ‘reasonable excuse’, and that includes moving home and going to work. While people are still allowed to move, those outside an individual bubble should not help with moving unless absolutely necessary. The guidance also states that removal firms and estate and letting agents can continue to work in Tier 4.

Another review of the tier system will take place on the 30th of December. However, these new rules could be in place for months as the government tries to bring the new variant of COVID-19 under control.

The housing market plays an important role

The government continues to make the housing market a priority as the sector is an important part of the economy. And the property market, along with housebuilding, can play a pivotal role in the country’s recovery from COVID-19. The sector as a whole has continued to adapt and follow strict social distancing and health and safety guidelines.

Additionally, the announcement of the housing market remaining open allows buyers and sellers to continue with their purchases across England. This is especially important as many are hoping to beat the stamp duty holiday, which is set to end at the end of March and can save buyers up to £15,000.

Strong activity continues in the property market

Despite the rollercoaster year, buyer demand has soared by 40% during 2020, according to Zoopla. The total value of properties changing hands is likely to jump by £62bn by the end of the year. On top of that, sales have been agreed on over £300bn worth of property, which is a 26% increase from 2019.

Housing market activity continues well above average levels for this time of year. And the property boom is expected to spill over into 2021. Successive lockdowns have led many people to re-evaluate their living situations. This is likely to continue with the more stringent restrictions in place in certain parts of the country.

Richard Donnell, director of research and insight at Zoopla, says: “With a long Christmas weekend, and many households isolating in smaller groups, we expect interest in housing to be stronger than usual ahead of the traditional Boxing Day bounce, when interest in housing jumps.

“The ‘once-in-a-lifetime re-assessment of housing’ kickstarted by the pandemic has further to run in our view and this will support demand into 2021.”

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Housing market remains open in all tiers after review of restrictions

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.