How quickly will the market pick up..?
This is a question I have been asked a lot in the last 48 hours..!
The main issue there is with getting the housing market moving, is having properties valued by lenders’s surveyors. Nationwide Building Society have sent a communication today (14th May) stating they expect to have the backlog of current valuations cleared by mid-June and for contact to be made to book a survey on new application within two weeks of submission.
I have spoken with a large law firm this afternoon and they have said there has been a huge influx of clients contacting them wanting to know when they can complete, which as you can imagine has put them on the back foot.
The Government gave word to the market starting up again without warning, so for any firms involved in the housing market its all “non-furloughed” hands on deck.
Estate Agents, Solicitors and Mortgage Advice firms need to look at getting employees back to work, so that the current blockage can be cleared as soon as we possibly can….