After 7 weeks of lockdown in the UK and a halt on buying and selling properties, the UK housing market is set to reopen from today.
The government’s new regulations allow buyers to physically visit properties and estate agents again, to arrange removals and move home.
Sellers are now allowed to list their properties - which was not permitted during the initial phase of lockdown.
So is this finally some good news for home owners and the UK's shrinking economy?
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Affects on the Property Market
The housing market is one of the most important sectors of the economy.
A whopping £82 billion worth of property transactions have been put on hold since the lockdown, with only a trickle of sales taking place during this time.
But what will happen to property prices, and the all-important supply and demand?
It is predicted there will be a drop in house prices of between 3-7% this year, making that dream house or investment bit more affordable.
Spring is usually the busiest time in the housing market.
Industry experts are watching closely to see if the expected pent-up demand amongst buyers and renters comes to fruition, and if banks still have the same appetite for lending.
Plans for a careful and organised reopening of the property market come amid a relaxation of the lockdown in England by Prime Minister Boris Johnson.
However, Northern Ireland, Scotland and Wales property markets remain shut down for now.
Social distancing guidelines are always to be strictly adhered to and those sellers that are shielding have been warned not to move home during the pandemic.
This is a much-anticipated time in the market and the next few weeks will be critical in getting the industry back on track.
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IMPORTANT: Mortgages for Yacht Crew does not provide advice in relation to savings and investments. This article is intended for discussion only and does not propose financial advice in any way, and therefore should not be construed as such. Your property may be repossessed if you do not keep up with mortgage repayments.