Second lockdown: what does it mean for you? | Leading estate agents in Newcastle answer your questions

Estate agents in Newcastle. Unlike the first UK-wide lockdown in March, the property market is remaining open open through the second lockdown. It continues offering viewings and valuations.

The race to complete deals before the stamp duty holiday ends has continued throughout the last few weeks and many estate agents in Newcastle, including Seven Keys, have remained busy.

In addition to estate agents, construction sites, removal companies and tradespeople all have permission to continue working. Provided if they abide by the COVID-19 safety guidelines.

This is in stark contrast to the first UK-wide lockdown. All operations within the property sector were put on hold during this time. Estate agents, as well as house builders’ construction sites, were closed and in-person viewings and were postponed.

What’s allowed during the second lockdown?

Will estate agents in Newcastle still be conducting in-person viewings?

In person viewings are permitted so prospective renters and buyers can view properties so long as COVID-19 safety guidelines are followed.

We ensure all viewings through Seven Keys meet our rigorous health and safety rules. We ensure our staff always wear a mask, sanitise regularly and ensure surfaces within the house are clean and safe.

Will surveyors still carry out property valuations?

So long as surveyors follow social distancing rules, valuations can still go ahead. This is great news for buyers and sellers alike. One of the main issues with the first lockdown was the halting of in-person valuations. This stopped many applications in their tracks.

Can you still buy and move into a new house?

Unlike the first lockdown, the UK government hasn’t banned moving into a new house. As long as you stick to social distancing rules of course.

This is good news for those who were hoping to make use of the stamp duty holiday. However, as many buyers have been waiting three to four months to complete a purchase, taking action now could be a good thing so as not to lose out.

How have mortgages been affected by the second lockdown?

Lenders have significantly reduced the numbers of mortgages available since March 2020, especially for those hoping to buy with a smaller deposit. Unfortunately, this isn’t likely to change for some time.

Mortgage holidays will be extended for as long as six months. However, it is worth noting that although the holiday may seem tempting. The interest is still deferred so will mean larger monthly payments further down the line.

What will happen to house prices?

Following the lockdown in March, most experts predicted a crash in the property market. However, what happened in reality was a record high in UK house prices.

Many people are rushing to complete their purchases before the end of the stamp duty holiday. Others are becoming increasingly restless as a result of lockdowns and social distancing measures. As a result, we expect things to remain busy for some time. However the inflation of house prices will inevitably begin to subside.

About Seven Keys | Professional estate agents in Newcastle

Seven Keys is and independent, family-run estate agent in Newcastle.

Seven Keys was founded and is managed by Ross Parker who runs the company with his siblings, Ryan and Chelsey Parker.

Ross has a deep understanding of the property market. He has an NROPP Level 3 Award in Sale and Residential Property and over a decade of experience in the sector.

Speak to one of our dedicated team of estate agents in Newcastle to find out more about our services for buyers, sellers and landlords.

Contact us on 0191 497 1797 or email info@sevenkeys.co.uk

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