U.K. home sales and viewings will take the next step toward normalcy on Monday, when Northern Ireland’s housing market is set to reopen, the region’s executive Arlene Foster has announced.
“This will incorporate the full end-to-end process from viewing to securing a mortgage and the house move itself,” Ms. Foster said during a coronavirus briefing on Thursday.
The British economy and citizens have been under one of the strictest lockdown policies in Europe since mid-March, putting the housing market to a standstill. The rules governing most of the housing market for the past three months have limited physical house moves unless necessary. The U.K. has the fifth-highest number of coronavirus cases in the world, with nearly 300,000 people diagnosed and more than 41,500 deaths, according to statistics by Johns Hopkins.
Northern Ireland was among the least affected regions of the country, with the lowest death rate from Covid-19 in the U.K. It’s allowed the region to reopen its economy faster than elsewhere. By Monday, most retailers will also be open, as will some daycares and outdoor gatherings of up to 10 people will be permitted, Ms. Foster said.
The policy change is an important one for Northern Ireland, where home sales were severely battered during the shutdown. The region saw one of the steepest drop-offs in property sales in April, official data shows. Only 420 deals in Northern Ireland were registered that month with the U.K. government, a near-80% decline from March.
“Northern Ireland’s housing market has been the most negatively affected throughout the U.K.,” said Ms. Foster on Thursday, highlighting that reopening the industry would get others like assessors and inspectors back to work.
“The real estate industry has one of the highest employment multiplier effects in the economy,” she added.
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Property agents, house hunters and sellers will still operate in a new world when they head out on Monday. Government guidelines ask that home tours be limited as much as possible by continuing to use virtual home-tour technology. Open houses are banned and agents must ask clients if they are feeling well before taking them to view properties. The guidelines also advise sellers whenever possible to vacate their houses during tours, inspections and assessments.
Scotland’s housing market is on track to reopen next Friday, when executive Nicola Sturgeon has said Phase 2 of the reopening, which includes real estate, could begin. Stakeholders are also lobbying Welsh leadership to follow suit next week.
Meanwhile, England has already relaxed some restrictions on the housing market, allowing for serious buyers to view homes in person with added social distancing and hygiene protocols.
Source: mansion global
