Estate agents re-open for business

Estate agents can open their doors from today after the government amended lockdown legislation to enable the sector’s safe return to work.

As flagged yesterday in an interview with Knight Frank, Robert Jenrick, the Secretary of State for the Ministry of Housing, Communities and Local Government, is also expected to provide more details today on how agents will be able to undertake viewings and market appraisals while complying with social distancing regulations.

“The housing market is open for business,” said Mark Hayward, chief executive of NAEA Propertymark. “Expect to see more detailed sector-specific guidance from today.”

“We welcome any movement in the right direction,” said Tim Hyatt, Head of Residential at Knight Frank. “A lot of pent-up demand has built in the market and any change that enables us to cater for people’s requirements in a safe way is a good thing.”

Estate agents had been unable to carry out physical viewings during the government lockdown due to social distancing regulations, which dramatically curbed transaction volumes. Knight Frank forecasts that there will be 526,000 lost sales in 2020, with fewer than half of those returning in 2021. To see our revised price forecasts, please click here.

As Knight Frank reported last week, measures are likely to include the use of masks and hand sanitisers during viewings, which could be limited to two people plus the agent. Other rules under discussion could mean owners or tenants are asked to vacate the building and those viewing would be asked not to touch surfaces. Also under discussion was the banning of open house events and limiting viewings to 20 minutes. 

For an analysis of the rules governing estate agents in other countries as they come out of lockdown and the performance of their property markets, see our latest Global Residential Outlook.