Housebuyers snap up homes on first day of new property sale procedures

Two Mid Wales homes were snapped up on the first day of changes to the coronavirus property market regulations in Wales.

And more properties have been put up for sale since Monday following virtual valuations in previous weeks, according to estate agent Morris, Marshall and Poole with Norman Lloyd.

On Monday, the Welsh Government changed regulations on the sale, viewing and valuations of properties. This included viewing properties that have been vacant for at least 72 hours, allowing the completion of property sales, and the commencement of physical valuations and inspections of properties.

The same changes apply to properties being let.

First sale within hours of new property regulations

“Our first sale went through on Monday morning and the property had only been placed on the market last week. This was followed by another agreed sale on the same day,” said Andrew Turner, a Partner at MMP/NL, estate agents and chartered surveyors in Mid Wales and Shropshire.

“We’re having several more properties put on the market this week following physical and virtual valuations and we anticipate good interest in them. This is in addition to the portfolio of residential and commercial properties we had for sale or to rent we already had.

“We’re definitely seeing movement in the market and while it’ll be a while before we see things return to pre-Covid-19 conditions, it’s a good sign of the confidence in the local property market.

“We believe many people were ready and prepared to buy before the lockdown, including those with no chain. It’s just a matter of time before they re-enter the market. We’re also receiving enquiries from homeowners looking to sell and so we will see many new properties enter the market in the coming weeks.”

The properties sold were in Llanidloes and Sarn in Powys.

MMP/NL completed several property sales during the lockdown. However, the new owners were not able to move in during the restrictions. In England the market restrictions changed several weeks ago, with viewings and sales able to be completed.

Physical and virtual valuations and viewings

MMP/NL introduced virtual valuations and viewings during the lockdown. This included a 3D viewing platform that allows potential home buyers to “virtually” walk around properties.

“Our virtual tools were due to be launched prior to the coronavirus situation. But we brought them forward and they have proved popular.

It launched its innovative ivaluate system in May that allows chartered surveyors to view, discuss and value properties remotely. New properties have been placed on the market as a result.

A similar system is being used for letting properties. MMP/NL manages and lets more than 1,000 homes in Mid Wales and Shropshire. Videos and more photography have now taken place in the majority of those properties.

The new regulations on the property market in Wales brought in on Monday included:

 

• All house moves can take place where residential property has been unoccupied for at least 72 hours

• House moves can take place where a sale has been agreed but not yet completed

• The marketing and viewing of unoccupied residential property can take place

• Valuations and inspections of occupied residential property is permitted

 

MMP/NL will continue to operate its four-step process for viewing and purchasing a property in England and Wales, adapted to each country’s regulations.

In Shropshire and other English counties where it has properties for sale, people can view properties online in the first instance; click on a virtual viewing and a watch a video or take a 3D tour where it is available. They then contact a local MMP/NL office to discuss a physical viewing, completing a COVID-19 Health Assessment Form and confirm their buying position before being allowed to the property.

In these conditions, the viewing is limited to two adults (no children) who must view it two metres apart, taking their own hand sanitzer, gloves or masks and then invited to view it for 15 minutes.

Four-step process to buying a home

In Wales the same process will take place up to step 4 where, if the property is occupied, their details will be placed on file ready for when lockdown restrictions are lifted, and they can physically view the property.

If the property is vacant, they will be able to view it based on the procedures set out for England.

More details about the ivaluate service and selling, buying or letting a property through Morris, Marshall and Poole with Norman Lloyd can be obtained by telephoning one of its offices, or call 01686 626160, or email newtown@morrismarshall.co.uk. More contact details can be found at www.morrismarshall.co.uk.

MMP/NL has offices in nine towns, including Newtown, Oswestry, Aberystwyth, Welshpool, Llanidloes, Rhayader, Tywyn and Machynlleth. It also has a specialist Rural Team based at Welshpool Livestock Sales and an associate office in London.

Photo: Oak View in Sarn was sold on Monday