May 07, 2020

4Wyndham Gordon • May 07, 2020

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Housing market could be back in business soon, as surveyors signal that property valuations could restart in weeks

Some good news today with reports that the housing market could be back up and running in just a few weeks.



The housing market could be back up and running in just a few weeks after the industry body for surveyors confirmed it will unveil 'practical guidance' to enable home valuations to restart safely. 

A spokeswoman for the Royal Institute of Chartered Surveyors told This is Money that it is readying a new set of guidelines for valuers across the UK and hopes to release them imminently. 

The effective suspension of valuations in March slammed the brakes on mortgage offers and the property market, with surveyors unable to access homes due to lockdown and social distancing.

The property industry sees restarting valuations as the key to unlocking the housing market, although government advice not to move home remains in place. 

Combined with uncertainty about the effect of the coronavirus lockdown on house prices - and the need to cope with a wave of borrowers asking for mortgage holidays - the suspension of valuations triggered banks and building societies to pull hundreds of mortgage deals overnight.   

The RICS spokeswoman said: 'The built environment, whether that is residential, commercial or construction, will play a significant role in rebooting the UK economy. But the health and safety of all who interact with it is RICS’ top priority.

'Since lockdown began we have pushed Government for clear and transparent guidance to keep key sectors working.

'In the coming weeks, RICS will issue practical guidance to help professionals to re-open buildings and ensure safe home moving.' 

Many banks and building societies suspended new mortgage lending on both residential and buy-to-let property above 60 per cent loan-to-value as Britain went into lockdown. 

While the situation has now eased, with most lenders now offering mortgages to those with at least a 25 per cent deposit or equity, things remain tight for those with small deposits.  

Banks and building societies are often happy to carry out some desktop valuations, which draw on local property market data and previous sales to check if they are willing to lend, but many properties and borrowers do not fit the bill for these.

The inability of valuers to carry out physical property inspections has also barred lenders that do not use automated valuation models from offering loans.

Andrew Montlake, of mortgage broker Coreco, said that the key to getting the property market moving, was 'first of all getting valuers back to deal with the backlog of applications'. 

He said: 'There doesn’t seem to be much reason why this can’t be done simply and safely by making sure, for example, the valuer is the only person in the house when they come round or utilising technology, or even enabling the borrower to do a video inspection of the inside whilst the valuer looks outside.'

To see the full article by thisismoney.co.uk

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