The number of inquiries at one of the country’s biggest real estate agencies peaked last week as buyers came out of lockdown.

Across its more than 100 offices, Savills observed a 30% surge in interest in new homes compared to last year.

Sales figures doubled post-lockdown, though they were still below the normal daily average of 4000 home sales in the UK, which amounts to nearly 1.2 million per year.

The online marketplace, Rightmove, recorded 5.2 million visits on Wednesday, which is 4% up from last year, while London agencies reported increases in sale instruction of up to 255%.

The positive effect swept the entire sector, resulting in the sale of 906 homes on Wednesday, with a further 1883 properties listed for sale, according to home market specialist View My Chain.

Rural homes are receiving the bulk of the interest, which is focused on properties in Hampshire, Yorkshire, and on the South Coast.

‘Offices outside main cities are getting more interest than city offices’, says Savills’ expert Andrew Parratt, who is heading the company’s country division. ‘It appears that during the lockdown, people are reassessing how much they need to be in cities.’

Zoopla reports that nearly 400,000 property sales were on hold during the lockdown. The market officially re-opened with a bang on Wednesday, but it did so with strict anti-Covid-19 measures in place.

According to CEO Mark Hayward, the National Association of Estate Agents sent out guidelines to its thousands of members.

Mr. Hayward called it a “new way of working.”

The owner, agent, and consumer will have to adopt social distancing and, if necessary, wear masks and gloves. Viewers will not be encouraged to spend a huge amount of time at the property; 15 to 20 minutes is recommended.

‘Only people from a single household can view a property; there are no multiple viewings, and you can’t bring friends or family from outside your home. The number of people will be kept to a minimum; we’d recommend two.’

He also advised against bringing children, as the instructions are to not touch anything.

‘Door handles must be sterile, as will any surfaces, and will have to be re-done between each viewing.

‘An interested party can’t get out of their car until a previous viewer has left; they will have to wear gloves and a mask. Ideally, sellers need to be out of the property, whether in the garden, sitting in their car, or in an outside garage.’

Andrew Gorcock from Knight Frank estate agency said: ‘All of our offices will have staff working in them from Monday, but the doors will remain locked.

‘Our negotiators will be wearing masks and taking masks and gloves for viewers, and there will be no physical brochures.’

In a pivotal move by the UK government to gradually restart both the housing market and the economy, buyers and renters across England are now able to move house once again.

Estate agents can reopen their offices, physical viewings of properties can be carried out, conveyancers can conduct property inspections, and removal firms can offer their services. All of which is likely to come as welcome news to the estimated 450,000 buyers and renters, for whom their intended relocations were put on hold when the lockdown was enforced.

Housing Secretary Robert Jenrick has emphasised the point that all existing safety and social distancing rules must be obeyed.

“Our clear plan will enable people to move home safely, covering each aspect of the sales and letting process, from viewings to removals,” he said.

“This critical industry can now safely move forward, and those waiting patiently to move can now do so.”

For the time being, however, no such relaxations have been brought into force in Northern Ireland, Scotland, or Wales. Lockdown rules and regulations remain unchanged, making physical viewings, property valuations, and most estate agent office consultations impossible.

A bounce back to strength ahead?

Some of the more conservative economists and real estate specialists see something of a gradual return to stability over many months and years to come. For others, the effects of lockdown will do little other than encourage a raft of would-be movers across the UK to relocate to new properties and locations.

“Few things are more likely to make people want to move than being cooped up in the same four walls for weeks on end, and property portals have seen traffic increase by up to a fifth,” commented Jonathan Hopper of Garrington Property Finders.

Mr. Hopper’s sentiments are echoed by many experts across the industry, who believe that a potential avalanche of pent-up demand among both renters and buyers alike is about to be released.

Social distancing measures remain mandatory

Exactly how the logistics of the whole thing will work remains to be seen, with Public Health England having advised that all current social distancing measures remain mandatory for those involved. This means remaining at least two metres from those you come into contact with and self-isolating for the appropriate period upon experiencing even minor COVID-19 symptoms.

This is likely to cause complications with conveyancing and property visits, which often take place when the current occupants or tenants are still at home.

Either way, the gradual reopening of the housing sector represents the forward movement estate agents have been waiting for, given the estimated £82bn of housing transactions put on hold during lockdown.

The UK government has begun the process of restarting the economy, having outlined several lockdown relaxations to be introduced over the coming weeks.

Businesses, trade bodies, unions, and worker representatives have all been invited to submit their input and ideas as to how the economy should be restarted in the safest and most manageable way.

Dates have yet to be confirmed for all areas as to when the official restart will commence, though it is widely expected that the staggered ‘back to work’ plan will be divided by working environment.

Specifically, business groups and unions have been asked for their feedback across seven areas of industry:

• Outdoor work: including agriculture, construction, and energy
• Non-food retail: High Street
• Transport and logistics
• Manufacturing: including food processing and engineering
• Indoor work: offices, laboratories, and central call facility services
• Work in the home: plumbers, painters, and decorators; care sector
• Hospitality and leisure: pubs, clubs, restaurants, cinemas, theatres

In the government’s most recent statement regarding the relaxation of lockdown in England, it was stated that anyone who can work from home should continue to do so. Those unable or who have difficulty working from home were advised to return to work, provided their place of work could be ‘Covid-19 secure’ and that government guidelines were being followed.

Reopening businesses safely

Safety remains the primary concern for most businesses and unions across the UK. Restarting the economy and reopening thousands of businesses would inevitably lead to difficulties in complying with current social distancing and general COVID-19 safety guidelines, and many adaptations and alterations to working environments are taking place throughout the nation.

In some sectors, such as hospitality, business owners and proprietors have suggested that reopening while current social distancing rules apply could be potentially more difficult; however, in most arenas, alterations are in process or have already been made.

There is some indication that the principles imposed as part of the economic restart plan would not require certain workers to observe the rules on social distancing, but instead, additional tools provided by way of personal protective equipment (PPE) such as masks, gloves, protective eyewear, protective screens, etc. would possibly be a suitable alternative.

In any case, the use of such PPE in some areas of commercial, industrial, and hospitality environments would likely prove impractical.

Gauging demand post-lockdown

The point has also been raised that it remains unclear as to how much demand there will be for the products and services provided by some businesses reopening throughout the economic recovery plan. Examples of this include car showrooms and factories, which may once again commence sales but are unlikely to immediately attract the same amount of business as they would normally in the run-up to summer.

Likewise, there may also be workers who simply refuse point-blank to return to work in the absence of health and safety guarantees, which, for the time being, most employers simply cannot 100% provide.

Closing the UK economy in its entirety was one of the biggest challenges the lockdown brought about. Restarting it again could prove just as tricky for the UK government, but there is a growing drive from many industries to make this happen as quickly as possible.

If you have been putting off a potential move, you are far from alone. According to recent figures, it is estimated that around 450,000 buyers and renters in England alone have put their plans on hold due to lockdown restrictions.

With the gradual easing across England, many are expecting a wave of demand from tens of thousands of frustrated movers; however, social distancing and general safety measures remain unchanged, meaning the implementation of new systems and procedures to make it all possible.

Below, you will find key questions being asked about moving to a new house in England, none of which yet apply to the property markets of Scotland, Wales, and Northern Ireland, all of which remain closed:

How can I view a property and social distance?

All initial property viewings will take place online, along with remote discussions with the estate agent and representatives. In-person viewings will be possible after the ‘virtual viewings’, during which social distancing rules must be followed. For example, the current residents of the property, if possible, should leave for the duration of the viewing; all internal doors should be kept open; and visitors are advised to bring their own hand wash.

The estate or letting agent must also stay 2 metres (6 feet) away from clients during the viewing.

Can I be evicted by my landlord?

Existing protections for renters remain unchanged for the time being, meaning that it is impossible for landlords to begin the eviction process without first providing three months’ notice. This is set to continue until September 30, though it may change in the meantime.

In addition, landlords are now allowed to show prospective tenants around their properties, provided social distancing rules are followed.

What about moving in with someone new?

This is one of the few exceptions to the government’s restrictions on how many people can currently meet from two or more households. If your intention is to move in with your partner or perhaps rent a property with new housemates, you are now entitled to do so with no specific restrictions.

The government simply states that if anyone in either household is displaying any signs or symptoms of COVID-19, they and all members of their household should self-isolate for the required period prior to the move going ahead.

Can I hire a removal company?

Yes, removal companies have once again been permitted to operate and can therefore help transport belongings for home buyers and renters. All social distancing rules and guidelines continue to apply, which means they should not come into close contact with you or anyone else during the process.

Additional safety guidelines include ensuring your belongings are cleaned before allowing the movers to handle them, providing washing facilities for the removal team, and not offering refreshments.

How will all of this affect house prices?

It remains to be seen, but COVID-19’s impact on average property prices has so far been significantly lower than expected. In fact, it is estimated that house prices on average dipped by a fractional 0.6% between March and April, coming out 2.7% better than the same period last year.

Pent-up interest among renters and buyers could trigger an enormous spike in real estate activity over the months following the easing of lockdown restrictions, so while it’s perfectly possible that property prices may see a short-term fall, prominent economists and experts expect them to recover and return to strength just as quickly.

If the results of a recent Rightmove study are anything to go by, UK property prices may not have been quite as catastrophically hit by the coronavirus  outbreak as expected. Comparatively, sluggish performance was never in any doubt, though an apparent 0.2% fall in average property prices for March is not nearly as dramatic as some had predicted.

A housing market in lockdown

The mandatory lockdown imposed across the UK makes it practically impossible for property transactions to take place in the normal way. As a result, the housing market in its entirety entered its own state of lockdown and almost stalled entirely.

Average UK property prices have been knocked off their all-time highs by Covid-19, though the damage done to date might not be as severe as expected. Economists and estate agents had expected dramatic (if temporary) plummets in average house prices across the country, though this apparently has not been the case.

According to the latest figures from Rightmove, the average newly advertised home put up for sale in April had a market value of £312,000. This represents a decline of just 0.2% from the month before, though importantly is still an impressive 2.1% increase on the same month last year.

This would suggest that while the coronavirus crisis may have brought about a period of sluggish performance, the housing market hasn’t come close to collapsing.

A slump in physical sales activity

UK property prices may not have been impacted severely by the Covid-19 outbreak, but lockdown has certainly taken a toll on the industry as a whole. A significant slump in activity has forced many estate agents to furlough employees, with interest among buyers and sellers having reducing.

At the height of the slump, Rightmove reported that visits to its website were down by as much as 40%, which occurred shortly after the lockdown was announced by the UK government.

In the meantime, interest and activity has apparently “started to recover” according to Rightmove. In addition, evidence suggests that the collective efforts of buyers, sellers, banks and conveyancers to keep things moving is helping the property market as a whole to retain at least some level of buoyancy.

Fewer new sellers were listing their properties for sale during March, though the vast majority of sellers who had already begun marketing their properties chose not to withdraw their homes for sale. As a result, property availability at Rightmove is down just 2.6% since the beginning of lockdown.

If you run a business in the United Kingdom that has been affected by the COVID-19 pandemic, you may be eligible for a Coronavirus Business Interruption Loan.

The scheme, introduced by the British Business Bank after the March 2020 budget announcement, has been created to help businesses facing temporary financial shortfalls as a result of the coronavirus crisis.

In this guide, we will be clarifying how the scheme works and which businesses may be eligible for support.

What is the coronavirus business interruption loan scheme?

An enforced lockdown in the United Kingdom was deemed necessary to prevent the spread of COVID-19, though this has led to significant revenue losses, disruptions, and delays for thousands of businesses.

The aim of the Coronavirus Business Interruption Loan scheme is to provide qualifying businesses affected by the pandemic with access to affordable loans of £50k to £250k, for which the government will pay all fees and interest in the first 12 months.

Approved lenders throughout the UK will be able to issue these Coronavirus Business Interruption Loans to qualifying businesses, many of which would normally fail to qualify under typical lending criteria. This relaxation of eligibility requirements and excellent repayment terms could provide thousands of UK businesses with the lifeline they need to ride the COVID-19 crisis intact.

It is, however, important to note at this stage that the terms and conditions of the scheme outlined by the government to date are considered temporary and are subject to change at any moment. Full details of the scheme can be found here at the link given.

Coronavirus business interruption loan scheme: key features

A basic summary of the key features of the Coronavirus Business Interruption Loan Scheme is as follows:

• Fast-access loans of £50,000 to £250,000 are available for qualifying businesses, with different lenders setting different maximum loan amounts within this threshold.
• flexible repayment terms of one year up to a maximum of five years, allowing repayments to be spread as preferred by the business.
• There are no guarantee fees for smaller businesses to increase the affordability of business interruption loans.
• All interest and charges are covered by the UK government for the first 12 months, eliminating upfront costs and fees from the equation.

If the loan is repaid within the first year, the borrower will be subject to no interest charges or borrowing costs whatsoever. The Coronavirus Business Interruption Loan scheme is effectively providing a free-of-charge cash advance system for qualifying businesses whose revenues and cash flow have been affected by the coronavirus outbreak.

Eligibility under the Coronavirus Business Interruption Loan Scheme

Each lender taking part in the Coronavirus Business Interruption Loan scheme will set its own limitations on how much anyone can apply for (from £50k up to a maximum of £250k).

All other criteria and eligibility requirements will remain fixed across all lenders, as follows:

• The business must be based in the UK with a maximum £45 million annual turnover.
• All funds issued under the scheme are to be used for business purposes only.
• Not more than 50% of the company’s turnover must come from trading activity.
• The loan must be used to support primarily trading in the UK.
• All funds will be repaid as agreed within the allotted 12- to 60-month period.
• The business must be in an otherwise strong and stable financial position.

Importantly, the business must be able to demonstrate that, under normal circumstances (if the COVID-19 crisis had not occurred), it would be in an otherwise amicable financial position. This is because the Coronavirus Business Interruption Loan scheme is exclusively aimed at those affected by the COVID-19 crisis directly, not businesses that were already struggling before the outbreak of the virus.

How UK property finance can help

As a leading independent broker, we can provide the objective support and advice you need to assess your suitability for a Coronavirus Business Interruption Loan.

Along with establishing your eligibility under the scheme, we can help you find your ideal provider from our extensive panel of specialist lenders across the UK. Even if your requirements are complex or urgent, you can count on UK Property Finance to help you find the best way forward for your business.

Call 0116 464 5544 anytime for an obligation-free consultation, or email us at [email protected].

The COVID-19 crisis is taking a toll on almost every household, business, and individual throughout the United Kingdom. Alongside the obvious health implications of the coronavirus outbreak, millions are finding themselves plunged into financial turmoil.

For some, the future of their businesses or employment status is looking increasingly bleak. For others, meeting mortgage payment obligations and keeping their accounts in the black is already proving difficult.

Irrespective of the nature and severity of the financial difficulties being faced, it is at times like these that it is important to carefully consider all available options. Particularly if there is a way of raising funds in an affordable way or switching to a deal that could save you money, it is an option worth considering.

Independent advice and support

UK Property Finance understands the concerns of businesses and households hit by the coronavirus crisis. We also appreciate how, for most people across the UK, now seems like the worst possible time to take on additional debt or consider unnecessary outgoings.

However, it is important to remember that tailored financial products and services at the right time can bring about significant and ongoing savings. Likewise, there are various short-term lending facilities available at exceptionally low rates of interest, which can prove ideal for negotiating temporary financial shortfalls.

From bridging loans to competitive remortgage deals to all types of specialist secured loans, leveraging your equity to weather the current crisis could enable you to emerge unscathed.

As an independent broker with no direct brand ties or affiliations, UK Property Finance is able to provide the honest and impartial advice you need to make an educated and informed decision. We guarantee the utmost in professionalism and objectiveness at all times, adopting a pressure-free approach to the consulting we provide.

No matter how unfortunate or urgent your financial situation may be, you can count on the committed support of UK Property Finance at this difficult time.

Planning ahead for all eventualities

As things stand right now, nobody really knows when the COVID-19 crisis will come to an end. More importantly, there are no current signs of an immediate end to the enforced lockdown and closure of businesses across the UK.

While the government may have lightened the load for many business owners with a series of relief measures, it is still important to think long-term and to plan for all eventualities.

We understand that the priorities of every business, household, and individual are unique. This is why we specialise in 100% bespoke financial solutions, tailored to meet the exact requirements of each client we work with. From raising emergency capital as quickly as possible to protecting homes and business assets long-term, we can provide the support you need to safeguard your financial future.

Call UK Property Finance at any time

Whether you are in need of immediate assistance with an urgent financial issue, want to know more about the Government CBILS (Coronavirus Business Interruption Loan Scheme), or are planning ahead for an uncertain future, we would be happy to hear from you anytime.

Contact a member of the team at UK Property Finance for an obligation-free consultation or to discuss your concerns at a time of national crisis.