Commentators from across the property industry have welcomed news that viewings, valuations and home moves in England can resume, but trepidation remains over the impact of coronavirus on house prices.

Experts warn that we are unlikely to understand the true effect on property values until there is a substantial recovery in the number of transactions taking place.survemoval

Garrington Property Finders chief executive Jonathan Hopper says that strategic buyers sense that the post-lockdown market is in their favour and are hoping for big price reductions.

He says: “However both buyers and sellers will be feeling their way on price. 

“Conventional house price indices are now all but meaningless as they are based on a tiny number of transactions.

“National trends too are likely to be increasingly irrelevant when it comes to price. 

“The critical factor now is the local market. 

“Areas with a more resilient jobs market should see values hold up better, but elsewhere the price correction could be more brutal.”

Coreco managing director Andrew Montlake says: “It’s great that the government has recognised the importance of the housing market to the wider UK economy, and many anxious buyers will be relieved that they can now continue with their transactions after weeks in limbo.

“There is still a long way to go before we have a fully functional housing market but this is a tentative first step in the right direction and cause for celebration.

“The great unknown is how cautious surveyors will be with their valuations and lenders with their criteria but that will become apparent in the days and weeks ahead.

“Demand is certainly still there. 

“We have received a lot more enquiries in May, with many people now looking to move to more rural areas given the perceived reduced risk from future peaks and pandemics.”

Reallymoving chief executive Rob Houghton says thousands of buyers and sellers will be relieved that they are finally able to move forwards after being forced to shelve their plans on March 23.

He says: “For those close to exchange or completion it has been a particularly stressful time, but now the government has given the green light for the housing market to reopen I expect to see a flurry of completions over the next few weeks.  

“Before the crisis hit we were experiencing the strongest spring market for several years and while some of this demand will have melted away, our research suggests a large proportion of buyers are keener than ever to press ahead with their home move.

“While estate agents, surveyors, conveyancing solicitors and removals firms are eager to see the market return to normal, it will take time to adjust to new practises and ways of working.”

Irwin Mitchell head of residential property Jeremy Raj says: “This is incredibly welcome news, not just for the hundreds of thousands of people whose conveyancing transactions were abruptly halted when the regulations came out – and who have been living in limbo with regard to what is often the biggest financial transaction of their lives – but also for many within the wider residential property industry who feared for their businesses’ survival or their livelihoods if the previous restrictions had remained in place much longer.

“We have already been contacted by clients keen to resume where they left off, and we look forward to assisting them in achieving their goals and completing those transactions very soon. 

“We also know that there are now many people backed up who were about to embark on house moves, or who through the lockdown are now clearer than ever that they need to change their living arrangements, and we’re delighted that the government has lit the touch-paper to fire up the market again.”

Benham and Reeves director Marc von Grundherr says: “Agents have been poised and ready to resume business since we entered into lockdown and the ability to do so will be warmly welcomed by those that have had to close offices and furlough staff.

“It’s important that we do so one step at a time and without compromising the health of our staff, our customers and the wider population but with the process of buying or renting now requiring very little face to face contact, agents should be able to adapt swiftly to this new working norm.

“We’ve already stockpiled a large amount of PPE on the advice of our offices in Asia who have been preparing for a return since January and while we can’t speak for all agents, we remain confident that we can service our customers appropriately and with the correct measures in place.”