Month: September 2020

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How buying a property during COVID-19 works

COVID-19 has produced many uncertainties for people around the globe. Rishi Sunak’s decision to exempt stamp duty for a period of time has meant that the property market has been booming. This has produced some questions as to how buying a property during COVID-19 works, and we’re here to help. This handy article will explain all the subtle changes to the buying process.

Starting your search

Your search can begin as it would at any other time. Visit one of our offices to discuss your needs with one of our friendly agents. Outline your precise requirements and our agent will be in contact to arrange some viewings. If you’d prefer to keep away from our offices then don’t hesitate to pick up the phone to describe your new property needs. From here our agent can be in touch to set up viewings in one of two ways outlined below.

Viewing a property

There are two ways viewing a property can work during COVID-19. These are physically and virtually. A physical viewing is a traditional viewing whereby you can attend the property to assess it yourself. In this case you will be asked to socially distance and wear a mask at all times. Alternatively, you may choose to arrange a virtual viewing, which will be conducted via a video call. An agent will be in touch to arrange the call and organise a time. From here, the agent will walk around the property with a smartphone allowing you to see as much as possible as they show you around the property. As it is a call you will be able to ask your own questions regarding any aspect of the property.

Making an offer

Once you’ve identified your dream home and are ready to put an offer in then you can proceed as usual. If accepted, the process of completing the sale can begin. This process can take a little longer due to current circumstances, however your agent will work with both parties on an agreeable timeline.

It’s as easy as that! Now you know how buying a property during COVID-19 works, and it couldn’t be easier with Chamberlains. If you’d like to start the process then feel free to pick up the phone or visit our office in Teignmouth today!

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Buying a property during COVID-19

COVID-19 has been an unpredictable time for billions across the globe. However, despite the uncertainty the property market has thrived. This is in no part down to the stamp duty exemption in the UK. The exemption has made it an ideal time for buyers to start looking and begin their search. However, we have been asked how buying a property during COVID-19 works many times. This article will explain all the details and how they differ from the usual procedure.

Beginning the search

The search for a house can begin like any other. Simply walk into one of our shops and talk to one of our friendly agents. Set out your budget and tell us what sort of property you’re looking for. After this we will get in touch to begin arranging viewings. If you’d prefer, we can begin your search over the phone. Don’t hesitate to call us to set out your requirements and we can proceed as normal from there.

Viewing a property

Viewing a property can work in one of two ways. You can choose to view the property as usual, visiting the house yourself in person. If this is your choice we would ask that you socially distance from the negotiator and any residents as well as wear a face mask at all times. Secondly, if it makes you feel safer, you may choose to have a virtual viewing. Our negotiator will ask for some details in order to video call you at an agreed time. The negotiator will then walk around the property with a video camera taking care to show you every detail you want to see. This method is certainly less thorough but is much safer for the negotiator, residents and yourself. The decision is yours!

Making an offer

If you’ve found your dream home and are happy to make an offer then you may proceed as usual. Should it be accepted then the process can begin. Please be aware that due to current circumstances these processes may take longer than usual. Your agent will work with you and the seller to build a timeline that suits everyone.

That’s it! Congratulations on your new home! Buying a property during COVID-19 may be different, but it couldn’t be easier with Chamberlains. If you’d like to get the ball rolling please come to our Newton Abbott office to discuss your next move.

 

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Can I sell my property during COVID-19?

During an uncertain time, both buyers and sellers have many questions regarding the property market. For sellers, the key question is “Can I sell my property during COVID-19?” The short answer to this is yes. Our offices are back up and running as normal, meaning we are fully operational once again. This means customers are able to sell their properties, however there will be some changes to the usual processes.

Valuations

Valuations are being conducted face-to-face, meaning an agent will come to your property to produce a valuation. All of this will be done while adhering to the COVID-19 guidelines as set by the government. This means our agents will wear a face mask while in your home and ensure they are at least 1 metre apart from residents. Should you prefer to be away from the property while the valuation is done, then arrangements can be made for this. Additionally, valuations can be made online. However, for the most accurate value to be determined, we recommend a face-to-face appointment.

Viewings

Viewings will be conducted in a similar way, with agents socially distancing while wearing a face mask. Again, residents can decide to be away from the property should they prefer. Viewings may also be conducted via video. This will involve an agent walking around your property with a video camera to record a short video for the customer. Alternatively, this will be done via a video call, allowing the customer to ask questions about the property.

Offers

Should someone be interested in your property they are able to make an offer as usual. If this offer is agreed then the sale can be completed as usual. However, during this current time expect there to be some delays to the usual processes. Your agent will work with both the buyer and seller to agree a suitable timeline for the sale.

We hope this answers the question “Can I sell my property during COVID-19?” and provides you all the information you need. Our Newton Abbott office is open as usual so please feel free to come in and arrange a valuation for your property!

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How to sell your property during COVID-19?

While COVID-19 has undoubtedly had a huge impact on our lives, the impact on the property industry has been minimal in comparison to some markets. This means that property transactions can go ahead with only some slight changes to the usual processes. Here, we explain how to sell your property during to COVID-19.

Valuations during COVID-19

Valuations can be conducted in a very similar manner to before the COVID-19 crisis took place. A valuer will come to your property to assess and produce a valuation. The valuer will adhere to COVID-19 regulations as provided by the government. This therefore means our valuers will wear face-masks and socially distance themselves from any residents. Of course, if your preference would be to stay away from your property while the valuation is conducted, Chamberlains can work with you to make the necessary arrangements for this. While we can offer valuations over video call, we recommend a face-to-face valuation for the most accurate value of your property.

Viewings during COVID-19

Much like valuations, viewings can be conducted both online and face-to-face. Your negotiator will ensure a face-mask is worn by both themselves and those viewing the property. Your negotiator and those viewing will also socially distance from any residents. Similarly to valuations, residents can decide to be away from the property during the viewings. Alternatively, those viewing may decide they want to view remotely. In this case, a negotiator will schedule a video call with those viewing the property and show them the property via the video call, answering any questions as they walk around the property.

Receiving an offer during COVID-19

If someone would like to make an offer on your property they can do so as usual before the COVID-19 crisis hit. Once an offer is agreed upon the sale can be completed as usual. At this time, do expect some delays as some of the usual processes are taking slightly longer than usual. We will work with both your and the buyer in this case to provide a timeline that suits all parties.

We hope we have clearly explained how to sell your property during COVID-19. Our Bovey Tracey office is back open and fully functioning, so pop in to discuss a valuation on your property today!

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Is it possible to sell during COVID-19?

As restrictions surrounding COVID-19 have become tighter and are constantly changing, many have been left asking the question “Is it possible to sell during COVID-19?” It is indeed possible to sell during COVID-19, however, expect a few changes to the usual protocols. Certain regulations alter the way we conduct viewings, valuations and offers. So check out our short guide below for all the details.

Valuations

There are two ways valuations are being conducted at the moment. The first, is the traditional face-to-face method. During this time a valuer will come to your property wearing a face mask and ensure they socially distance. Other than this the valuation can take place as normal. Residents, should they prefer, can stay away from the property during this time. Secondly, you can choose to have your property valued remotely, over video call. This method will cause the accuracy of your valuing to suffer, therefore we recommend a face-to-face valuation.

Viewings

Similarly, viewings can be conducted in one of two ways. Those viewing the property can choose to visit the property in person, adhering to all guidelines during this time. Of course, residents can choose to be away from the property during the viewing. Secondly, the viewing may be conducted remotely. This will involve the negotiator dialling into a video call with those viewing the property and showing them around the property in this way.

Offers

Finally, offers can be made in the usual manner during this time. However, should there be an agreement on the offer, the sales process may take a little longer. In this case, the agent will work with both parties to organise a timeline that suits both parties. Unfortunately, some of the processes surrounding sales have slowed during COVID-19.

Despite a few changes selling your property during this time couldn’t be easier! Head down to our Teignmouth office to discuss next steps to sell your property!

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UK Property Figures for July: 13 Year Sales High

After Chancellor Rishi Sunak announced his decision to remove stamp duty on sales until April next year, there was always going to be interest in how this might effect the property industry. Last week, the NAEA announced UK property figures for July, and with the exemption of stamp duty in mind, the results are not surprising.

The overriding headline is that sales are at a thirteen year high, with sales per branch not reaching current figures since June 2007. Branches on average sold 13 houses throughout the month of July representing a massive 44% increase from July of last year. 

As you might expect, the increase in sales has come from an increase in demand, undoubtedly due to the stamp duty exemption. Between June and July there was a 13% increase in house hunters signing up at branches, indicating the effects of the Chancellors decision. This is also a significant increase in comparison to last July. Year-on-year there has been a 35% increase in new signups at branches, representing a large incline in demand.

Perhaps surprisingly, despite the increase in demand, sale prices have declined. 8% of sales were completed above the asking price in July compared to that of 10% in June. Prices agreed below the asking price tell a similar story, with 60% of sales being agreed below asking price during July.

Finally, supply of properties has played a role in these figures too. Between June and July of this year there has been a swift incline in the number of properties for sales across estate agent branches in the UK. During June of this year agents had, on average, 37 properties on their books. During July this figure rose to 43 properties, showing a sharp rise in the number of properties for sale and perhaps giving an insight as to why prices have dropped.

Overall, it has been a busy time for estate agents with plenty of movement still expected in the months to come. We’d be more than happy to help with your latest move, so come and visit us at our Newton Abbott office to get things started!

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UK Property Sales High

The NAEA recently announced the results of the property sector for July of this year and the results are certainly interesting and include a UK property sales high not seen for thirteen years.

It was noted that branches of estate agents sold an average of thirteen houses during July. This figure has not been so high since before the financial crisis in June of 2007, making it a UK property sales high for that period. Looking at this on a year-to-year basis also makes for interesting reading, with a 44% increase in comparison to July of last year signifying a remarkable increase.

With large increases in the number of sales there has come a decrease in the sale prices of properties. Just 8% of sales were agreed above the asking price, down from 10% in June. Add to this the fact that 60% of sales were agreed for below asking price and it is clear there has been a slight decline in sales prices.

The decrease in sale prices, somewhat surprisingly, comes with an increase in demand. The NAEA reports an increase of 13% in new house hunters registering per branch in July when compared to June. Year-on-year the statistics align, with a 35% jump in new signups in comparison to July of last year.  

Along with demand, supply also rose. In June of this year branches across the UK would have, on average, 37 properties for sale. In July this jumped by six to 43 properties on sales at each branch, representing an increase in supply. However, year-on-year there has only been a minimal change with an average of 41 properties available throughout branches in July of last year.

The figures certainly represent a large change for the property market during July and one that is likely to continue into August and beyond. Head on down to our Bovey Tracey office and have a chat with us to discuss your options!

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UK Property Market Sales High

Last week, the NAEA announced a thirteen year high on the number of sales agreed per branch during July. On average, branches sold thirteen houses throughout July, a number not previously reached since June 2007, before the financial crisis.

Year-on-year, there has been a 44% increase when compared to July 2019, signifying just how pivotal the Chancellors decision to remove stamp duty has been on the property market.

Despite the increase in sales, sale prices seem to have fallen. Only 8% of properties sold for over their asking price, down from 10% in June of this year. Additionally, 60% of sales were completed for less than their asking price.

Interestingly, the slight decline in sale prices has come with a rise in demand. From June of this year to July, the NAEA reports an increase of 13% in new house hunters registering. Couple this with an increase of 35% in new signups from July 2019 and the increase in demand is evident.

While demand rose, so too did supply. There was an increase of six available properties per branch between June and July, rising from 37 to 43. Although, it must be noted this is only a marginal increase when compared to last years stats.

These figures certainly show a willingness to buy in the current market and with no stamp duty its no wonder why. If you’re looking to take advantage of this, why not pop down to our Teignmouth office or get in touch via phone? We’d be happy to help.