08 Jul SINCE THE PROPERTY MARKET HAS RE-OPENED?
At 9.00am on Monday 22nd June, The Welsh Government sanctioned the partial re-opening of the residential property market, 6 weeks after England.
The response and activity has been good. From the first day the level of telephone calls and email enquiries has been large. Property viewings have been arranged, (in accordance with Social precautions) and the response has been encouraging
Several offers have been received, leading to a number of sales being agreed, but at the same time, an even larger number of properties have come onto the market, meaning that the number available, has actually been growing.
Some mortgage lenders are looking again at their Loan to Value (LTV) proportions, which had gone up to 15% required deposits, (ie. 85% mortgages) however, recently some Building Societies have eased back to a 10% requirement, indicating a degree of confidence in the sustainability of the market.
We will advise of further developments in the future.