In recent days the Government has issued guidance regarding the approach to be taken on moving house during the lockdown period. In the course of our work with developers we have seen some buyers decide to wait until there is more certainty on when the lockdown periods will end and other buyers that appear to be more keen to continue to complete purchases (whether exchanged or not) during this period.
The guidance from the Government is clear for properties that are ‘in a chain’ and are occupied, exchanging contracts on those transactions is to be avoided or delayed where possible. However, for properties, such as newly built dwellings, those which are otherwise vacant and those where the buyers are holding a mortgage offer, there is not necessarily a need to withdraw from or delay a transaction. The movement of people and their belongings will obviously be more difficult during this time (removal companies are unlikely to continue to take on new contracts during the lockdown period) meaning that transactions will need to be reviewed on a case by case basis but purchasers holding mortgage offers should be encouraged (where it is appropriate to do so) to proceed whilst there is the certainty of that offer in place.
Where possible we will continue to progress the sales of vacant units where it is realistic to believe that moving into those units is achievable.
Rest assured that once we are back to work as usual (or to the new normal) and sites are back up and running, we will be working closely with you to assist you in returning to meet government targets for the construction and sale of new dwellings.