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Coronavirus and the London property market

As the coronavirus outbreak and UK lockdown continues, many are left asking what this will mean for the property market. It’s too early to tell exactly how it will fully impact the sector and economy moving forward. However, the UK property market is robust and has shown its resilience during uncertain times in recent years.

Many professionals in the property industry have stated they believe house price growth will slow down as fewer properties will be going on the market and less transactions will likely take place. However, a major crash in prices is not expected as many believe the market will pick up pace after a period of uncertainty, similar to after the Brexit referendum.

Most buyers and sellers are still proceeding with sales that started before the outbreak of coronavirus. The majority of people are investing in property for the long-term, which means buyers, landlords and investors will be less impacted by short-term fluctuation in property prices.

London property still seen as a safe haven

Even though the short-term future of the property market is uncertain, sales are continuing to be agreed. Property, especially in London, is still being viewed as a safe haven as shares and stock investments have taken a massive blow since the coronavirus outbreak and have shown to be extremely volatile investments.

Prior to the government response to coronavirus becoming more drastic, the UK property sector as a whole had the strongest start to the year for four years. The London property market was also the strongest it had been since prior to the vote on Brexit as asking prices reached the largest annual rise since May 2016, according to Homes & Property.

Rightmove’s House Price Index for March revealed the average price of a property in London reached £638,826, which is an impressive 5.1 per cent annual increase. This is likely due to supply still not keeping up with demand. Additionally, the index also revealed the number of sales agreed in the capital grew by 34.4 per cent, and it even took 15 fewer days for properties to sell once they were put up for sale.

The private rental sector is showing growth, too. RICS have predicted rents in the UK to rise by 2% this year – and up to 3% per annum by 2025. Other property experts state that the Coronavirus isn’t negatively affecting rent prices, which are only down 0.2 per cent on the previous month.

Rising demand from prospective tenants is keeping rents high as supply remains relatively low. A large number of private landlords who have empty rental properties are now scrambling to find longer-term tenants, and are still able to advertise on rightmove and zoopla, with online letting agents Portico making this available at an extremely attractive price.

In short, London’s market fundamentals are considered solid. Even though the fast-paced market will likely slow down due to the coronavirus outbreak and lockdown, the sector is expected to bounce back after a period of uncertainty.

Technology is keeping the property market moving

As physical viewings of properties have been banned following Prime Minister Boris Johnson’s lockdown announcement on 23 March, the market is naturally expected to slow down. However, more and more estate agents are adapting to the measures by offering virtual property viewings through “walk through” video tours and Facebook Live events.

With millions of people working from home, there has been a substantial increase in virtual viewings. Property portals, such as Rightmove and Zoopla, are also seeing surges in search numbers on par with the figures for Christmas and Boxing Day.

To keep the sector moving, the market as a whole is adapting quickly as many property professionals are using a range of technology and proptech to be able to continue transacting, despite the coronavirus lockdown. In addition to virtual viewings, appointments are still being done through video conferencing tools, FaceTime and WhatsApp and contracts are able to be signed electronically.

Record low interest and mortgage rates make borrowing more affordable

The Bank of England lowered the base interest rate from 0.75 per cent to 0.25 per cent on 11 March, and then it was further lowered to 0.1 per cent on 19 March. This is lower than it’s ever been before and means it’s a great time to get a mortgage or remortgage your property as borrowing is likely to be more affordable.

Borrowers with tracker mortgages should be seeing their mortgage rates drop. If you’re looking for a mortgage, over a dozen lenders have promised to cut their standard variable rates by 0.5 per cent. More banks and building societies are expected to drop their rates in the coming weeks.

Which? found that the cheapest fixed-rate mortgages haven’t seen significant drops as they are already at historic lows. However, average mortgage rates are continuing to fall, and there are a significant number of products available.

Because of this, it could prove to be a great time to buy a property and lock in these record low rates. This means mortgage repayments will likely be more affordable and could provide you the opportunity to borrow more and get more for your money. Additionally, these low interest rates could also fuel property price growth once the crisis surrounding coronavirus is over.

To cut your interest costs further, it’s also recommended to get an up to date online property valuation on your property. Your lender will then need to recalculate your loan-to value ratio (LTV). A lower LTV usually means you’ll receive a better interest rate and have access to a wider selection of lenders.

Get ahead of the competition

The government has recently urged both buyers and renters to delay moving house if possible as it’s important for people to stay at home and away from others during the coronavirus outbreak. However, this could still be a smart time to get ahead of the competition if you’re interested in buying or investing in property.

The property buying process could take longer than normal, and you might need to delay completion depending on how long the coronavirus lockdown lasts. However, you can still get the ball rolling and invest in property with record low interest and mortgage rates. And as the UK, including London, is in a housing shortage, there is still expected to be strong demand for property and rental properties moving forward.

Source: London Loves Business

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Coronavirus: what it means for your mortgage or your rent

We’re officially in lockdown and many of us are seeing the coronavirus crisis take its toll on our income. So, what happens about paying your mortgage? Here we answer all the big questions.

Can I stop paying my mortgage?

The government has announced that homeowners should be offered three-month payment holidays if they are struggling to make their mortgage repayments as a result of the coronavirus. But this doesn’t mean you can simply cancel your direct debit.

“Homeowners are unknowingly putting themselves into arrears by cancelling their mortgage payments without speaking to lenders first,” says Will Kirkman on ThisisMoney.co.uk. This can have an impact on your credit score.

If you need to take a mortgage holiday, contact your lender before you stop repayments, but don’t rush to the phone. “Amid claims that borrowers are waiting up to ten hours on the phone to speak to someone, many lenders are now asking borrowers to submit applications online to free up their helplines, or to only call if they are vulnerable or facing immediate difficulty,” says Kirkman.

What happens to my debt if I take a mortgage holiday?

Any repayments you don’t make now will need to be made at a later date. “It is likely the lender will spread outstanding payments out over the remaining term of your mortgage, so borrowers will see an increase in their monthly mortgage payments,” says Patrick Collinson in The Guardian.

That means, for example, that someone with a £200,000 25-year mortgage at 2.6% interest who takes a three-month payment holiday would see their repayments increase from £907 a month to £920 for the rest of the term.

Alternatively, your lender may let you extend the remaining term of your mortgage, so your monthly repayments stay the same. You may also be able to make an overpayment later on to clear what you haven’t paid now.

What are the alternatives to a payment holiday?

Simply stopping your mortgage repayments isn’t the only option if you are struggling during the coronavirus outbreak. You could ask your lender about options to reduce your bills for a few months. This could be switching to interest-only payments, deferring your interest payments or extending your mortgage term.

Can my home be repossessed?

If you do fall behind with your repayments, you cannot lose your home. The Financial Conduct Authority (FCA), the City regulator, has instructed banks and building societies not to repossess homes during the crisis. Nor can they charge fees for payment holidays granted owing to the crisis, says Collinson.

Can I stop paying my rent?

Yes. The government has acted to protect tenants as well as homeowners. “Emergency legislation will stop social and private tenants being forced out of their homes for at least three months,” says Martina Lees in The Times. But the situation “does not mean you can live for free”, says Lees. “Arrears will mount up – you’ll have to repay [the money] eventually.”

The housing minister has said the government expects landlords and tenants to work together to come up with an affordable repayment plan once the crisis is over.

I’m a landlord. Can I stop my mortgage repayments?

The government advice on payment holidays includes buy-to-let landlords whose tenants can’t pay their rent due to coronavirus. If you need to stop making repayments on your buy-to-let mortgage you should speak to your lender.

If you have insurance, it should cover rent arrears. Alan Boswell, one of the biggest landlord insurers, told The Times that existing rent guarantee policies will cover missed rental payments caused by the economic dislocation we are experiencing.

Has my lender cut my interest rate?

Late last week the Bank of England cut the base rate to an unprecedented 0.1%. Unfortunately, many banks are failing to pass this cut on to customers. Research by ThisisMoney.co.uk found that just 13 banks and building societies out of 87 had trimmed the rates they charge borrowers.

Under normal circumstances, “a drop in the base rate will see a corresponding drop in a lender’s ‘standard variable rate’”, says Kirkman. But the majority of lenders have kept their standard variable rates at the same level as before the central bank’s original cut on 11 March.

If you have a tracker mortgage the rate drop should mean your repayments fall slightly. But anyone thinking about switching to a tracker could struggle. Nationwide no longer offers any tracker mortgages at all.

By Ruth Jackson-Kirby

Source: Money Week

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Homebuyers left in limbo as coronavirus puts property market on ice

Families are being frustrated in their attempts to move home as coronavirus puts a freeze on the property market.

As part of measures to prevent the spread of coronavirus, Housing, Communities and Local Government Secretary Robert Jenrick has urged people to rearrange and delay moving properties to stop the spread of coronavirus.

Covid-19 has also meant restrictions for non-essential workers, such as removal van drivers, broadband installers and gas assessors making moving arrangements difficult for many.

Lewis Jones, an electrical engineer from Newport, was told by the developers of his new-build home that they would not delay his completion date, despite the fact he was unable to move due to the current restrictions.

I’m paying for a house that I may not be able to move into for some time

The lack of removal men, and the health risk of moving has left Mr Jones, 34, unable to move, meaning he now has to pay bills at his rented property as well as his new home until he is able to make the move.

“I’m frustrated with the Government as they should put a stop to this to protect people and avoid unnecessary travel,” he told the PA news agency.

He argued that the developers “could be more lenient”, adding: “I’m paying for a house that I may not be able to move into for some time.”

Stuart and Kedma Woodmansey from Hull and their six-month-old son Jacob are unable to move because they can’t get a gas safety certificate due to staff self-isolating.

The security consultant and his wife, a 39-year-old carer, were due to leave their current property next Wednesday to move to Market Weighton.

“It could be a month before we are able to complete and our house is all boxed up.”

The couple remain positive, however, with Stuart saying: “I can understand the worry and feel frustrated but it’s bad timing. We have to find a way around it as does everybody else.”

Source: Express & Star

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Hundreds of buy-to-let mortgages withdrawn due to coronavirus

Online buy-to-let mortgage broker, Property Master, has warned that landlords will struggle to get mortgages as lenders pull product ranges, tighten lending criteria and widen margins, due to the impact of the coronavirus.

Some lenders have chosen to exit the buy-to-let mortgage market altogether for the foreseeable future.

These include Saffron Building Society, which offered a range of mortgages including for portfolio and limited company landlords, The Melton Mowbray Building Society and Barclays has withdrawn all products for portfolio landlords.

Together Money and Vida Homeloans have suspended lending in both the buy-to-let and residential products.

Tracker buy-to-let mortgages are being taken off the market. In recent days The Mortgage Works and HSBC have both withdrawn their tracker mortgages for the foreseeable future.

Lending criteria are being tightened

In recent times some lenders have been prepared to lend up to 85% of the value of a buy-to-let property. Fewer are prepared to do so now as fears grow of falling property prices.

Kensington Mortgages, for example, is one of those lenders that has reduced maximum loan-to-value lending criteria down from 85% to 75%.

Widening margins

Whilst landlords might expect a lower Bank of England base rate will lead to lower mortgage rates this is not always proving to be the case.Lenders concerned about the increased risk of tenants defaulting on rents and falling property prices may well choose to widen their margins and increase the cost of borrowing.

Some lenders have increased rates despite the 0.65% fall in base rate where margins as a result have increased by about 1%.

Comment

Angus Stewart, Property Master’s chief executive, said: “The competitive and attractive buy-to-let mortgage market appears to be going into reverse as the impact of the coronavirus begins to bite.

“Landlords are finding that their borrowing options are being drastically reduced as lenders respond to this new record low base rate environment and fears of falling house prices by withdrawing entire product ranges.

“We have had clients mid-way through a mortgage application only to find the process is halted and the product withdrawn before they can reach completion and the release of funds.”

“We can well imagine the difficulties lenders are facing when it comes to valuing properties and properly pricing risk. But we would urge them to continue to support landlord customers, especially those who were moving successfully through the mortgage application process and would otherwise have expected to be shortly in receipt of a loan.

“Similarly, we would urge banks to stand by the commitment made by the Government to provide payment holidays to landlord customers struggling as the current crisis impacts on the ability of tenants to pay their rent.”

By Joanne Atkin

Source: Mortgage Finance Gazette

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Coronavirus: Bank of England holds rates but paints gloomy economic picture

The Bank of England has kept interest rates on hold at the record low level of 0.1 per cent but signalled it is prepared to take further action to tackle the effects of coronavirus.

The Bank’s monetary policy committee (MPC) today said it “stands ready to respond further as necessary to guard against an unwarranted tightening in financial conditions, and support the economy”.

Threadneedle Street also gave a gloomy assessment of the economy. The MPC said: “The economic consequences of [coronavirus] are becoming more apparent and a very sharp reduction in activity is likely.”

The Bank slashed interest rates to 0.1 per cent at two emergency meetings over the last two weeks. That is the lowest interest rates have ever been in the Bank’s 325-year history.

The rate cuts were designed to pump liquidity into the economy during the coronavirus outbreak. It is also meant to shore up lending and balance sheets.

The BoE has also ramped up its bond-buying, pledging to purchase £200bn more debt. It said today it will continue with this quantitative easing. The Bank added: “If needed, the MPC can expand asset purchases further.”

On top of this, the Bank has cut so-called capital buffers for banks, giving them more cash to lend. It will also buy companies’ short-term debt.

The Bank of England today decided to maintain current policy for the time being. But it said it is prepared to take further action if needed.

The MPC added that it is looking at “the pass-through to banks and building societies’ lending rates of the recent reductions in bank rate”.

Ensuring the extra liquidity reaches the right firms has been a concern of the Bank. It yesterday sent a letter to banks, along with the government and the City watchdog, telling them to keep lending to businesses to ensure that previously viable companies do not fail due to the crisis.

Risk of ‘longer-term damage to the economy’

The Bank of England today gave a stark assessment of the outlook for the UK economy. However, it warned predictions were currently deeply uncertain.

“There is a risk of longer-term damage to the economy, especially if there are business failures on a large scale or significant increases in unemployment,” the MPC said.

“There is little evidence as yet to assess the precise magnitude of the economic shock from Covid-19. It is probable that global GDP will fall sharply during the first half of this year. Unemployment is likely to rise rapidly across a range of economies, as suggested by early indicators.”

Paul Dales, chief UK economist at consultancy Capital Economics, said: “After unleashing unprecedented support in two emergency meetings over the past two weeks, the Bank of England took a break today.”

However, he said that if stress starts to show in the UK’s bond markets, “expect the Bank to do more by providing more liquidity and/or increasing its asset purchases”.

He suggested the BoE might follow the US Federal Reserve and “announce open-ended asset purchases”.

By Harry Robertson

Source: City AM

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Hundreds of buy-to-let mortgages withdrawn due to coronavirus

Online buy-to-let mortgage broker, Property Master, has warned that landlords will struggle to get mortgages as lenders pull product ranges, tighten lending criteria and widen margins, due to the impact of the coronavirus.

Some lenders have chosen to exit the buy-to-let mortgage market altogether for the foreseeable future.

These include Saffron Building Society, which offered a range of mortgages including for portfolio and limited company landlords, The Melton Mowbray Building Society and Barclays has withdrawn all products for portfolio landlords.

Together Money and Vida Homeloans have suspended lending in both the buy-to-let and residential products.

Tracker buy-to-let mortgages are being taken off the market. In recent days The Mortgage Works and HSBC have both withdrawn their tracker mortgages for the foreseeable future.

Lending criteria are being tightened

In recent times some lenders have been prepared to lend up to 85% of the value of a buy-to-let property. Fewer are prepared to do so now as fears grow of falling property prices.

Kensington Mortgages, for example, is one of those lenders that has reduced maximum loan-to-value lending criteria down from 85% to 75%.

Widening margins

Whilst landlords might expect a lower Bank of England base rate will lead to lower mortgage rates this is not always proving to be the case.Lenders concerned about the increased risk of tenants defaulting on rents and falling property prices may well choose to widen their margins and increase the cost of borrowing.

Some lenders have increased rates despite the 0.65% fall in base rate where margins as a result have increased by about 1%.

Comment

Angus Stewart, Property Master’s chief executive, said: “The competitive and attractive buy-to-let mortgage market appears to be going into reverse as the impact of the coronavirus begins to bite.

“Landlords are finding that their borrowing options are being drastically reduced as lenders respond to this new record low base rate environment and fears of falling house prices by withdrawing entire product ranges.

“We have had clients mid-way through a mortgage application only to find the process is halted and the product withdrawn before they can reach completion and the release of funds.”

“We can well imagine the difficulties lenders are facing when it comes to valuing properties and properly pricing risk. But we would urge them to continue to support landlord customers, especially those who were moving successfully through the mortgage application process and would otherwise have expected to be shortly in receipt of a loan.

“Similarly, we would urge banks to stand by the commitment made by the Government to provide payment holidays to landlord customers struggling as the current crisis impacts on the ability of tenants to pay their rent.”

By Joanne Atkin

Source: Mortgage Finance Gazette

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Coronavirus to hit UK economy harder than financial crisis

Business activity crashed at a record pace in March as efforts to contain coronavirus sent the UK economy into a tailspin, preliminary survey data has shown, putting Britain on track for an extreme recession.

The IHS Markit/Cips private sector purchasing managers’ index (PMI) – a gauge of economic performance – plunged to a record low of 37.1 in March from 53 in February. A score of under 50 indicates contraction, meaning the private sector shrank at an unprecedented pace this month.

However, the data was compiled before Prime Minister Boris Johnson yesterday ordered an effective countrywide lockdown to try to halt the spread of the virus, a measure which will dent the UK economy further.

Chris Williamson, chief business economist at data firm IHS Markit, said the March data was consistent with the economy shrinking at a quarterly rate of between 1.5 and two per cent in the first quarter.

Yet he said the lockdown measures mean “this decline will likely be the tip of the iceberg and dwarfed by what we will see in the second quarter”.

“A recession of a scale we have not seen in modern history is looking increasingly likely.”

The overall PMI reading was dragged down by the worst performance on record (IHS Markit has been compiling data since the 1990s) for the UK’s massive services sector in March.

Measures aimed at halting coronavirus caused consumer demand and shop footfall to slump, causing steep downturns for hotels and restaurants and other leisure activities such as sports centres, gyms and hair salons.

Economy to crash despite huge stimulus

The survey data showed that unemployment was falling at its fastest pace since 2009 in March, despite a huge package of measures from the government and Bank of England designed to support businesses.

Chancellor Rishi Sunak has promised the government will pump more than £350bn into the economy and step in to pay the wages of workers who would otherwise be laid off.

The BoE has slashed interest rates to record lows and ramped up its money-printing operations to ensure plenty of credit can reach banks and businesses.

Yet Andrew Wishart, UK economist at Capital Economics, said things are going to get worse for the UK economy.

“The PMI captures the proportion of firms that report a fall in activity, it doesn’t take into account just how poorly each firm is doing,” he said.

“The fact many firms have had to cease trading altogether suggests things could be even worse than the survey suggests. That’s why we are forecasting a 15 per cent fall [annualised] in GDP in the second quarter.”

Despite the dire survey data, the FTSE 100 continued to ride high after the US Federal Reserve pledge to buy an unlimited number of bonds to support markets and the economy.

It was 4.3 per cent higher in morning trading at 5,209. The pound was 1.6 per cent higher against the dollar at $1.172. The dollar has fallen since the Fed announcement.

By Harry Robertson

Source: City AM

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Boris Johnson under pressure to stop non-essential construction work amid coronavirus crisis

Boris Johnson is under growing pressure to stop non-essential construction workers heading to building sites as the country attempts to tackle the spread of coronavirus.

The Prime Minister has faced calls from across the political spectrum for more stringent rules so workers are not placed at risk, and public transport is not overwhelmed.

In an address to the nation on Monday, Mr Johnson told people not to leave their homes and go to work unless “absolutely necessary”.

Stopping non-essential construction would still see building work on new hospitals take place, but would halt the building of new homes.

Asked at PMQs by Labour leader Jeremy Corbyn why construction sites had not yet been closed, Mr Johnson said: “Everybody should work at home unless they must go to work.

“If a construction company is continuing, then they must do so in accordance with advice from Public Health England.

Earlier on Wednesday, Housing, Communities and Local Government Secretary Robert Jenrick said work on building sites can continue but workers should practice social distancing.

On Tuesday, Downing Street said that construction work should continue if it can be done following Public Health England (PHE) and industry guidance.

A day later, Mr Jenrick told ITV News: “If your employer thinks they cannot follow those guidelines then they should not be operating just as they shouldn’t be breaching any other form of health and safety guidance or regulation.

“So there’s an important duty on employers to consider whether they can operate within those guidelines and if they can’t then unfortunately they are going to have to temporarily close.”

Shadow Secretary of State for International Trade Barry Gardiner called for construction workers to be supported with “at least the living wage” when not working.

He told ITV News: “People need to know that they are going to have – at minimum – a living wage, then they know they can do the right things by themselves and the right thing by the wider public.

“But you cannot self-isolate on a building site, you cannot self-isolate and observe the social distancing measures if you are on a building site or a hairdresser or the many, many self employed professions.”

On Tuesday, Health Secretary Matt Hancock said those who cannot work from home, including key workers in the NHS and social care, should go to work “to keep the country running”.

The Health Secretary said construction workers were among those who could continue to work as long as they could remain two metres apart at all times.

But some builders and construction workers have said they feel “angry and unprotected” going to work, while others are under pressure from employers to go in.

London Mayor Sadiq Khan’s office said the Government must act urgently to get more people staying at home following construction workers reporting to building sites and images of packed Tube trains appearing on social media.

It comes as housebuilder Taylor Wimpey said on Tuesday that it has closed its construction sites, show homes and sale sites due to coronavirus.

Transport for London (TfL) has also said work on its Crossrail sites was being temporarily suspended – but that essential maintenance of the transport network will continue.

Conservative former cabinet minister Sir Iain Duncan Smith added his voice to the calls for non-essential building work to be stopped, telling BBC Two’s Newsnight: “I think the balance is where we should delete some of those construction workers from going to work and focus only on the emergency requirements.”

Andy Burnham, mayor of Greater Manchester, told the programme: “This decision about allowing non-essential work appears to be taken for economic reasons when actually – when you’re in the middle of a global pandemic – health reasons alone really should be guiding all decision making.”

One of the reasons construction workers are still attending building sites is because they are self-employed.

The Government is also under intense pressure to set out a financial support package for self-employed workers – measures senior Conservative MP Sir Iain said were soon to be announced.

“I believe the Government has reached a conclusion about that, the best way to do it is to look back over the average for the year but that does leave out some who haven’t been self-employed for over a year,” he told Newsnight.

Source: ITV

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Coronavirus to bring UK house prices growth to ‘juddering halt’

The coronavirus outbreak is set to bring UK house prices to a “juddering halt” in the coming months, a top economist warned today.

UK house prices fell 1.1 per cent between December and January. But they were 1.3 per cent up on the previous year, data released today showed.

The Office for National Statistics said UK house prices increased 1.3 per cent over the year to January. That was down from 1.7 per cent growth in December.

Average UK house prices increased 1.1 per cent over the year in England to £247,000. In Wales they rose two per cent to £162,000. And they were 1.6 per cent up in Scotland to £152,000, and 2.5 per cent higher in Northern Ireland to £140,000.

London house prices grew 1.4 per cent over the year.

Howard Archer, chief economic adviser to the EY Item Club, said the data showed the housing market was in a relatively good place following December’s election.

Coronavirus to harm UK house prices’ Brexit recovery

But he warned said coronavirus was likely to stop growth in its tracks.

“The late-2019, early-2020 upturn in the housing market looks certain to be brought to a juddering halt by the impact of coronavirus on the economy,” he said.

Miles Robinson, head of mortgages at online mortgage broker Trussle, added the coronavirus outbreak will deal a blow to UK house prices.

“We can’t ignore the elephant in the room,” he said. “Pressure is mounting on the economy as the coronavirus outbreak escalates. As it stands, we’re yet to see its full impact on the housing market.

“With more stringent government guidelines now in place… sellers may see a drop in property viewings for at least three weeks.

“Many existing homeowners will have been financially affected by the outbreak. The chancellor’s announcement to freeze mortgage repayments will help to reassure those who are worried about their ability to make their monthly payments.”

Archer said data from other sources such as the Bank of England and a survey from Halifax showed the UK housing market was in good shape before the crisis hit.

The Halifax survey showed a 2.9 per cent increase in UK house prices in the three months to February.

However, a recent survey from the Royal Institute of Chartered Surveyors (RICS) showed early evidence of the possible impact of coronavirus.

The RICS survey said: “Although near term sales expectations remain positive, optimism has moderated somewhat, with anecdotal evidence suggesting concerns over the economic impact of the coronavirus are weighing on the outlook to some extent.”

Rightmove has in the last week reported a “significant” slowing in property sales.

By James Booth

Source: City AM

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Housebuilders call for consistent government message

The National Federation of Builders (NFB) has called for a consistent message from the government about safe on-site working practices.

Housebuilder Taylor Wimpey is one of few firms to have closed its sites to protect the spread of coronavirus.

Yesterday Prime Minister Boris Johnson said people may only leave home to exercise once per day, to travel to and from work, to shop for essentials, and to fulfil any medical or care needs.

Richard Beresford, chief executive of the NFB, said: “The Prime Minister’s address was a strong warning to the nation and we now need written guidance about which industries can remain open.

“Industry has been working on safety guidance, which will be updated to reduce all risks but we also need a consistent message across the government.

“At the moment, it’s absolutely not business as usual but we are trying to support our industry to fit within this new and ever changing normality.”

The NFB has welcomed regular engagement from the Government and partnership working with the Construction Leadership Council (CLC), especially as many businesses are desperate to keep sites operational with their staff and supply chain, in work.

Nick Sangwin, NFB chair, said: “It has been a very difficult few months and we have been working hard to ensure our members and the wider industry has strong guidance on safe working practices.

“Projects vary in size and complexity and we look to the government for clear guidance on this issue.

“There are also key strategic national assets that are under construction that may fall under the key worker category that needs looking at.

“We would ask the government to consult with the experts such as the NFB to provide assistance on this.”

BY RYAN BEMBRIDGE

Source: Property Wire