How will the Coronavirus (COVID-19) affect the sale of my home?By: Oliver Powell
The Coronavirus is causing considerable wariness as concerns continue to mount over the potential spread, duration and deadliness and any effects it could have on global economies. Out of an abundance of caution, the property industry is also taking precautionary measures to prevent a global pandemic.
Widespread Government lockdown, office closures, viewings not permitted, working from home, reduced sales force, 1/5th 20% away from work are the worst scenarios that could happen if the Coronavirus threat persists.
Looking at the brighter side amid uncertainties yet to clear for the foreseeable future, selling your property at this time is not as apocalyptic as many may project. The UK property industry has been booming after years of BREXIT. The impact of selling your property may only be partially affected by the decline in viewings and enquiries while the coronavirus threat remains present.
It is well worth noting that there has been a resurgence in mortgage applications, which increased 70,900 in January – the highest figure since February 2016. Purchasing plans for approved mortgage applicants will surely not allow the Coronavirus threat to delay their property purchases.
As a natural response, the property market will find new ways and adapt to continue to provide letting, selling and financial services.
Could COVID-19 lead to a change in the estate agency industry and create a new process for purchase that does not involve up close and personal interaction?
As we weather the storm, we turn to tech. Conran have been utilising the technological landscape to ensure business continues as close to normal as is possible. Including making online property presentations feasible, supporting videos of properties and the surrounding areas, employees having complete access to systems online, telephones diverted.
Maybe in the future, we won’t need to see a property prospect in person before we buy it? Similar to how we book Airbnb’s or hotels?
On the other hand, most of us understand that buying, selling, renting or letting a new home will always require personal contact and experience. But for now, we will make do with various technology to substitute the traditional practices that we are used to. Who knows, this can be the advent of a better and more effective estate agency marketing future?
And in the meantime, let’s look forward to that Elbump when we have successfully sold your property!