Coronavirus: Moving home allowed as curbs lift on estate agents in England
Caz Blake-Symes • May 13, 2020
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The government has set out plans to restart England's housing market, which has been in deep freeze since the coronavirus lockdown. Estate agents can now open, viewings can be carried out and removal firms and conveyancers can restart operations.
Housing Secretary Robert Jenrick said the changes must be carried out under social distancing and safety rules. It is estimated there are 450,000 buyers and renters with plans on hold.
"Our clear plan will enable people to move home safely, covering each aspect of the sales and letting process, from viewings to removals," Mr Jenrick said. "This critical industry can now safely move forward, and those waiting patiently to move can now do so."
Meanwhile, the property markets in Wales, Scotland and Northern Ireland remain shut. Home viewings are not permitted under lockdown regulations and their land registries are either running a reduced service or are not registering transactions.
Alistair Elliott, chairman and senior partner at estate agents Knight Frank, told the BBC's Today programme the measures were "a major first step. We believe the public will have confidence to re-engage with the housing market," he said.
Jonathan Hopper, chief executive of real estate consultants Garrington Property Finders, said: "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."
Personal Finance and Consumer Affairs Analyst Kevin Peachey comments:
This announcement will test the housing sector's hope, and belief, that a wave of pent-up demand amongst buyers and renters is ready to be released. Yet, the reality is that many people's finances are now less secure than they were just a few months ago when they were preparing to move. Expect a lot more haggling over price from both sides if they have yet to have formally agreed what they will pay or accept, especially if getting a mortgage is harder.
Estate agent Savills has already suggested that people who still have money to look for somewhere new, may now be rethinking their priorities. A spare room and good Wi-Fi may suddenly have become more appealing when working from home, and a large garden may be even more of a golden ticket for anyone with children.
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Mortgage rates are likely to stay in the 4-5% range this year while changes to affordability testing by lenders could give buyers a boost.
Sky high house prices, high cost of living, student loans and rising rent costs mean that getting on the property ladder is challenging. But the desire to own a home remains strong for many young adults.
Now, the affectionately known ‘bank of mum and dad’ (or bank of other family members) may wish to lend or give money for deposits and other house purchase costs. Our expert Mortgage Advisers will be able to discuss all options available to suit your specific family’s situation.
The Bank of England has voted to reduce the Base Rate by 0.25% for the second time this year, taking it to 4.25%. Base Rate was held at 4.5% in March after it was cut by 0.25% in February.
Adapted from Zoopla’s April 2025 Housing report I mage: The analysis uses average house prices from the house price index and for first-time buyers to assess mortgage payments at different mortgage rates applied to a 30- year mortgage, at different loan-to-values. One emerging trend that we expect to positively support market activity in the coming months is a relaxation in how lenders assess the affordability of new mortgages. While buyers focus on the mortgage rate they will pay, lenders also check whether the borrower can afford a 'stressed mortgage rate' at a higher level than the borrower will pay. While the average 5-year fixed rate mortgage is around 4.5% today, many lenders are currently 'stress testing' affordability at 8-9%. This makes it harder to secure a mortgage without a large deposit. If average mortgage stress rates were to return to pre-2022 levels of 6.5% to 7%, this would deliver a 15-20% boost to buying power. An average first-time buyer with mortgage repayments of £1,020pcm at a 4.5% mortgage rate would typically have to prove they could afford monthly repayments of £1,550pcm at an 8.5% stress rate. If the stress testing is relaxed to 6.5%, repayments would fall to £1,275pcm, boosting buying power. It's a similar pattern for the average homeowner, while the actual impact will vary by lender and type of borrower. This change would consequently supporting demand and sales volumes, helping to clear the stock of homes for sale, rather than boosting house prices. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance. Comment from Phil Clark “This is potentially very exciting news and will give borrowers a greater choice of products if these rules are relaxed. Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
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