Housing Market Reopening – Prepare for the Influx of Transactions

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The Housing Market in England is to reopen as Estate Agents prepare to go back to work

Moving Forward

The Secretary of State for Housing, Communities & Local Government has announced a comprehensive plan to reopen the housing market.

From the 13th of May the following restrictions have been eased in order to reopen the property market, revitalize the economy & protect livelihoods;

  • Individuals are now allowed to move homes
  • Removal companies and conveyancers are now being encouraged to go back to work to facilitate the moving process
  • Estate and letting agents can conduct physical viewings. However, a preference has been given to “virtual viewings” wherever possible.
  • Estate agents may reopen their offices

It is vital that all those involved in the specific activities of purchase, sale, letting or rental of a residential property are protected. Therefore, the guidance is is subject to the strict adherence of social distancing.

Pent-up demand:

"This unblocks 450,000 transactions that were passed due to COVID-19” – Robert Jenrick, Housing Secretary.

According to government figures, over 450,000 buyers and renters have been unable to move from March 2020.

The British Association of Removers has also endorsed recent data collated via Yomdel’s ‘Sentiment tracker,’ which uncovered a pent-up demand from consumers who are “desperate to move.”

The increasing demand from estate and letting agents’ consumers remain encouraging in spite of the previous curbing of the industry and lockdown restrictions. At Veriphy, we have heard from various estate agent clients of the backlog of demand within the property sector. Whilst safety will always remain the priority, the Housing Secretary’s announcement of the reopening of the housing market offers property agents the green light to finally tackle the demand after weeks of stagnancy and economic downturn.

Restarting Safely:

The housing market is undoubtedly one of the most important components of the economy. The unfreezing of the housing market is welcomed, however, the safety of both agents and consumers is paramount.

Managing Director of Veriphy, George Stark has commented: “Safety of course will remain paramount, and our clients have told us how potential sellers and buyers have responded positively to the convenience, efficiency, and practicality of our electronic identity checks.”

It is certain that people will be wary of social contact for a considerable time. For the housing market to safely regenerate in the present climate, it is vital that property agents and conveyancers adapt essential functions of the process, from viewings to exchange, so that they may continue without friction.

“The future resilience of business requires action now. Our robust system involves no capital outlay, usage commitment, or subscription by our clients, and gives them an unmatched choice of checks. Vitally, our electronic compliance solutions allow property agents to strike the balance between complying with social distancing measures without hindering or slowing down sales.” - Veriphy MD

How will you assess risk when tackling those part-completed transactions?

Make life easier as you ease back into business with fast & robust AML & KYC identification checks.
AML Checks
Sources

UK Government Website - Housing Secretary's Press Release

Yodmel Property's Sentiment Tracker

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