Britons Told not to Move as Housing Market Freezes

Placing For sale sign

Placing For sale sign

The UK government advices Britons not to move house as the country’s housing market is dealing a huge blow from the coronavirus outbreak. This guidance issued on Thursday comes in accordance to contain the virus across the country.

The fallout of Covid-19 has caused the inability of banks to offer new mortgages. Notably, some banks are fearing to grant mortgages while others have been swamped with questions, requesting breaks on existing home loans. Evictions are banned and extended for the next three months in England and Wales, starting March 28, as a matter of urgency during such financial crisis.

Amid the coronavirus outbreak, the interest in property listings and moving homes have further declined. Two of UK’s largest lenders- Lloyds Banking Group and Barclays- have reported mortgage brokers to pull their home loan products temporarily, while others like Virgin Money and Skipton Building Society have suspended new mortgage applications in the wake of the pandemic.

Even as the attempts of dissuading new buyers are going on, the outbreak is making completing transactions like managing paperwork and surveys more cumbersome, with the lockdown across the country.

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