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Mon 4 May 2020
Just a few weeks ago, I had starting putting pen to paper, writing, in March, which is traditionally associated with the weather either coming in like a lamb and out like a lion or vice versa, about the property market so far in the year behaving in exactly that way. Starting like a lamb in January, slow and steady, but as we moved into the spring, the market started to gain real momentum with lots of active buyers offering on numerous new instructions, behaving like a lion, which was extremely positive. Little did I know that we would now be in our current situation!
In these unprecedented times there are glimmers of hope in the property market. I have found myself saying the following phrase a great deal over the past few weeks whilst talking to existing clients, potential new clients and people who still want to move house, “the desire is still there but the ability is not.” What I mean by this is that we continue to see huge numbers of people who want to sell, who want to buy, who want to move house for all of the same reasons that they did pre Covid-19, however, the ability to do so is of course somewhat limited at present. The positivity here is that hopefully when restrictions ease, the potential for strong bounce back, returning us to the lion like activity that we were seeing in March is very strong!
This positivity is reinforced to some extent with the news over the last couple of weeks that some mortgage products are being reintroduced by lenders which had temporarily been withdrawn earlier in April. It appears that this was not necessarily a concern in the market but more a result of adaptation by lenders. So hopefully, again when things ease a little, the ability for buyers to borrow should be there.
Equally, having adapted to the current, temporary normal where we can, we have attempted to offer our clients different services and on the back of this, we have seen a number of sales now agreed subject to contract on the back of online viewings which is quite amazing! Again, the desire from people is most definitely still there.
Our thoughts are of course with everyone going through difficult times at present and we hope that you stay safe and well. We are all deeply imbedded in our local communities via our property offices and livestock markets and if there is anything at all that you feel we can help you with at the moment then please do get in touch. Keep positive and we all look forward to more positive times again in the not too distant future.