EweMove King's Lynn offers advices to buyers and sellers during coronavirus crisis
An estate agent based in West Norfolk is offering advice to people whose house move plans have been affected by the coronavirus situation.
Andrew Muskett founded EweMove King's Lynn in 2018 which covers West Norfolk, having already had 25 years experience in the property industry.
He predicts that by the end of the summer, the economy will start to recover along with the housing market.
He said: "We have 25 million homes in the UK, and each year on average, 1.2 million of them sell. In other words, just under five per cent of homes in the UK sell every year. In West Norfolk we have approximately 61,000 homes that means there are 3,500 property sales each year – 58 per week.
"This means that when this crazy time is over, and things are getting back to normal, there will potentially be hundreds of homes that come onto the market, that would otherwise have launched during this ‘pause’ period.
"This will help people to move on. More homes on the market, means more choice and more potential buyers for homes.
"If I look into my crystal ball, by June we will have some sense of normality, with the economy running at 30-40%. By July and into August, I expect the country to bounce back and begin to spend. As certainty improves, so does market momentum. I think there will be a big resurgence of demand, and buyers wanting to move by Christmas, at the latest."
For people who are in the process of selling, he suggests that buyers who are keen will still contact estate agents and eventually viewings will resume.
"Now that the Government has slashed the borrowing rate to the lowest in its 325-year history, some buyers may feel there’s never been a better time to buy a house," he said.
"Some cheeky offers are being made. We’ve certainly had some very low offers on some of our homes from buyers wanting to cash in on this uncertainty. If you really need to move now, and just can’t wait, you may be tempted to take a low offer, but if you can wait, you’ll undoubtedly get a better price for your home down the line."
With record low interest rates at the moment he said that was great news for buyers using a mortgage to buy a home which could potentially save people tens of thousands of pounds over the duration of the mortgage.
For more advice from Andrew send an email to email@example.com or him on 01553 606958 or 07818420346.