Propertymark's Property Sector Support Package

#keepthemarketmoving

There is no question that COVID-19 has caused a major upheaval in the property market, with many home buyers and sellers having to put their move on hold until restrictions are lifted. Once those restrictions are lifted, the consequences of this long period of inactivity could be detrimental.

Buyers and sellers are still eager to move, many families still want a bigger home, empty nesters still want to downsize, and first-home buyers still want to make the most of record-low interest rates.

That is why we have produced a Property Sector Support Package and called for Governments to back our campaignwe are encouraging all agents to support it to #keepthemarketmoving. The package will boost the property sector back into activity and support all home buyers and sellers looking to move once restrictions are lifted.

What we are calling for:

1. Get market-ready with the Propertymark Sales Protocol Toolkit

The Sales Protocol Toolkit is proven to speed up property sales and allows estate agents, solicitors, and conveyancers to work more efficiently with each other. We want all vendors to complete the paperwork found in the Toolkit now, including the Property Information Questionnaire, so that their property is market-ready and sale ready before lockdown restrictions are lifted.

2. Introduce controlled viewings and conveyancing

We understand that visiting a property is a crucial step when purchasing a new home. That is why we are encouraging the Government to loosen restrictions on viewings as soon as possible. Through consultation with property industry experts, we have produced a proposal on how to conduct viewings and conveyancing safely.

3. Cash incentive loan of £1,500 to home buyers

To help homebuyers in what is an uncertain time, we propose a cash payment to support their move which they must repay when they sell their home.

4. A six-month holiday on property tax for residential transactions

We are also calling for a holiday on all property tax paid for residential property transactions. We feel this will not only greatly help individual home buyers and sellers but will also inject the property market with new confidence, meaning more properties on the market, more people moving and a big boost to the wider economy.

5. In Scotland, allow the marketing of a property before the Home Report is obtained

We recommend the Scottish Government temporarily allows properties to be marketed before a Home Report is obtained, speeding up the sale process and getting people moving quicker.

I’m looking to move home once lockdown measures are lifted, what can I do to speed up my house sale?

The best thing you can do now to prepare your house to be marketed and sold is to complete the Sales Protocol Toolkit. If you have not already been provided with the documents, you can download the whole toolkit here and ask your estate agent to talk you through the Property Information Questionnaire.

Download the Sales Protocol Toolkit

 

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