Mortgage applications soar as the housing market opens up

The Bank of Scotland announced a 75% increase in the number of online mortgage application enquiries as the housing market opens up. This is one of the strongest indicators yet that the property market in Scotland is set to bounce back.

There had been some fears that buyers would be wary because of concerns about their employment. This, however, hasn’t been borne out by the activity in the housing market.

From 29 June 2020, the housing market re-opened following easing of the lockdown in the property sector. The property market has effectively been closed since 23 March 2020.  Once lockdown began only the most urgent of cases reached settlement.

However, estate agents arranged valuation visits following the announcement that the market could re-open. Surveyors can again visit homes to prepare Home Reports. Would be buyers can now visit houses again to view.

Scotland follows England’s lead as the housing market opens up

Perhaps, in Scotland, we shouldn’t be surprised. There was an immediate pickup in demand when the housing market in England opened up on 5 June 2020.

We also need to bear in mind that interest in the housing market continued during lockdown. Property agents arranged virtual valuations and virtual tours of properties they were bringing to market.

Out of town properties with large gardens and separate studies have been attracting interest. The working from home experience seems to have convinced many buyers that they don’t have to commute to a city centre office to work efficiently! Certainly, many businesses managed to continue to operate effectively during lockdown without a single person being in their offices.

As a law firm with deep routes in the residential property market, we continued to look after our clients’ interests throughout the lockdown. As the lockdown eases, even though we can’t open out office to the public, we continue to look after our clients’ interests. We’ve been putting in and receiving offers on behalf of clients. We’ve arranged and achieved settlement for those clients stuck in limbo during the course of the lockdown. They’ve now moved into their new homes.

It has been a trying time for all our property clients. Some wanted to move, but couldn’t. Others were stuck in property limbo. They couldn’t move into their new home. However, the market is back and all our clients who are looking to move can now do so.

Want to know how to go about buying? Click here. Thinking about selling? click here. If you need help with your mortgage, click here to read about Help to Buy.

Please get in touch without delay if you’re interested in buying or selling your home and need our help.