'Big question' for the property market, says Shropshire estate agent
As the property market moves forward in the face of the coronavirus crisis, there’s a big question that will challenge the profession, a Shropshire estate agent says.
Dean Millington, managing director of Harwood The Estate Agent in Wellington, says it is hard to know whether the initial surge in interest will continue, or if it is because the pandemic has held back a wave of property hunters over the past three months.
“Agents like ourselves have been reporting a huge influx of enquiries, property interest and good sales,” said Mr Millington.
“The wave has crashed through the property world with buyers presently wanting to buy, buy, buy.
"But does that mean we now move into a second stage of more calmer waters?
“Possibly, a calmer period of time is ahead which may be why we have the Government announcement of stamp duty exemption incentives which is a huge welcome and may assist in maintaining momentum.
“We shall see what happens next in this never before taken journey."
Mr Millington says whilst there is a lot of confidence, there is a lot of concern too.
He added: “Presently, mortgage products appear to be a little limited around buyers with small deposits such as the traditional 95 per cent mortgage types which are having an impact on traditional first time buyers wanting simply to get onto the housing ladder.
"This in turn is hampering some property sales.
“As we now plan and look to the future, we have learned we must adapt to change.
"There are potentially very uncertain times ahead for many as we weigh up the impact and cost of the past few Covid months.
“At the same time, there are promising signs as long as we stay on a recovery path.
"No matter what the future market has install there will always be buyers and there will always be sellers.
“So we shall continue to tread cautiously yet positively forward into the unknown.”