Hi there. So everyone has an opinion about the property housing market and is downright nosey about property prices so this podcast is for you. I’ll be keeping you up to date on the local news & views on what’s going on in Lincoln and the surrounding areas for all things property
The 567 Lincoln families that are in Moving Limbo due to the Coronavirus lockdown
An immediate fallout of the Coronavirus pandemic is that it has placed many Lincoln families house moves on hold. Government guidelines state all home buyers and home sellers who are in the process of selling their Lincoln home and moving to a new home must adapt to these temporary arrangements, adjusting their usual practices, agreeing different dates to the house move after the removal of the stay at home actions we are all adopting. In essence, putting the home move ‘on ice’ during lockdown.
However, where the home being moved into is vacant, Government guidance states that you can continue with this transaction although you must observe the Governments guidance on home removals. There are also exceptions allowed where existing accommodation becomes un-fit to live in (e.g. flood or fire) or occurrences of domestic violence. Thankfully, the Government have asked mortgage companies to extend the expiry date of any mortgage offer and the Law Society have implemented a standard legal process for delaying completion dates.
So, what does all this mean for the people of Lincoln?
This means the home moves of 567 Lincoln families have been put on hold since the coronavirus restrictions brought the UK housing market mainly to a halt in late March.
These are Lincoln properties where a sale was agreed between October 2019 and February 2020. During the time between sale agreed and completion, the properties are classified as sold subject to contract. Interestingly, it has been taking upwards of 14 to 19 weeks from agreeing a sale to the move-in over the last few years. This means typically, these 567 property transactions mentioned above would have completed between April and June/July 2020, yet have now been placed on hold after the Government asked buyers and sellers to delay house moves where possible.
The value of Lincoln property sold
subject to contract amounts to £123,436,000
The pandemic hit just as the Lincoln market had been experiencing the Boris Bounce following his General Election landslide in December. It appears talking to my team and other agents in Lincoln, just about every buyer and seller is happy to wait until the restrictions are lifted because they had been holding back their house move because of Brexit. Interestingly, many of the Lincoln homeowners in limbo mentioned above are moving up the property ladder, and whilst being ‘in limbo’, it has made them realise more than ever that the homes they are moving from are too small for their needs and they are keen to crack-on with the sale once restrictions are lifted.
Finally, we cannot forget the tenants of Lincoln. Currently there are 73 families looking to make that move, yet unable to as tenants are under the same restrictions as homebuyers. This means they too cannot do a physical viewing nor can they move home during lockdown unless the existing accommodation becomes un-fit to live in e.g. flood or fire or occurrences of domestic violence or the person moving is an essential worker. That doesn’t mean tenants cannot view the property and prepare the paperwork in advance. In fact many agents think the first Friday after lockdown will be the busiest ever moving day in the history of the UK as there will be a huge pent up demand to move on that date.
For more information on the Lincoln Property Market – please follow me on social media for more up to date articles on the local property market.
6 Mar 2020
What is going to happen to Stamp Duty on the 11th March and how will this affect the Lincoln market
In this weeks podcast I take a look at what could happen to the local housing market and what effect a change in Stamp Duty on the 11th March could have on local house prices
25 Feb 2020
Lincoln homeowners £2B windfall since 2014!
In this podcast I’ve looked at how many local homeowners have refinanced their current properties and what they’ve done with the additional funding they’ve raised. Thanks for listening. Mike
20 Feb 2020
The Lincoln Landlords £13m Tax Bill
So I’ve been looking at how our local landlords have been affected by the tax increases over the past 5 years and the figures are revealing! Would love to get your thoughts,feedback and comments on how the changes have affected you. Contact me at mshollamby@northwooduk.com
18 Feb 2020
Lincoln Property Market News & Views (Trailer)
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