THOUSANDS of house moves are on hold during the coronavirus lockdown, causing many to fall through, while owners are left to shoulder massive legal costs.
Some 73,500 mortgage approvals were made in February alone – the highest monthly figure in six years.
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But then Covid-19 hit, causing havoc for housing chains across the country.
Transaction volumes could fall by 80 per cent during the spring period compared with last year, Zoopla has warned.
We speak to an estate agent and a mover about their view from the ground and assess what you can do.
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The estate agent
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DAVID GAROFALO, 34, owner of Cooper Wallace estate agents in Bedford:
“It’s impossible to do viewings or valuations in person, so the housing market is on hold.
I’ve done FaceTime viewings and a video call valuation but people want to see houses in person before making offers.
People are still moving if they already had mortgages agreed in principle, and since Friday I’ve had five people move.
But they are offering few new mortgages. If they are, loan to value is less than 75 per cent.
Plus, finalising existing offers or sorting new ones takes much longer as banks are understaffed, dealing with coronavirus issues and surveys cannot take place either.”
The potential buyer
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MARRIED dad-of-two Joe Cross, 34, from Blandford Forum, Dorset:
“Our dream move is in tatters due to coronavirus. We’d been looking to move since our second daughter was born last August.
It took a week to accept an offer on our house and we found our perfect home.
We were devastated when our mortgage broker explained that lenders are not proceeding with purchase mortgages.
The impact is even harder with me, being self-employed, as it is having an adverse effect on business. Now our move is off.
Surveys have been done and solicitors have done work. That’s at least £2,000 down the drain.”
Things you can do now
- BUYERS: Viewings are not allowed. Those who want to put in an offer but have only a small deposit may struggle to get a mortgage.
- SELLERS: Smarten/ redecorate for when the lockdown ends.
- REMORTGAGING: You should get a new deal but may have to wait, as lenders are being flooded with requests for mortgage holidays.
- EXCHANGED BUT NOT COMPLETED: The Government says delay moving if possible. All mortgage offer expiry dates will extend three months.
- MOVING TO AN EMPTY PROPERTY: The Government says go ahead, but you might struggle to get a removal firm.
