Miles Robinson, Head of Mortgages at听online mortgage broker听Trussle, comments:
鈥淣ew regulations set to come into force today should provide the property market with a much needed boost after the lockdown period. From today, surveyors can enter the home to complete valuations, renters and prospective buyers can view properties and removals can once again assist people in their moves.听
Reallowing surveyors to enter homes as long as a distance of two metres is maintained means that physical valuations can get going again. Some lenders such as HSBC have already confirmed that valuations are starting to be booked in.
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Over the past few weeks, we鈥檝e seen desktop valuations acting as a stop gap in an attempt to keep surveys happening. A high proportion of those desktop valuations have only been for those with a loan-to-value of less than 75%. Additionally, some properties require a physical valuation. These include those in flood risk areas, those with previous adverse valuations, and some new build properties.听
While surveyors can now enter the home, it鈥檚 important to stress that visits are still only advised when absolutely essential. With a high proportion of the UK watching their finances more closely, we may see today鈥檚 announcement boost the remortgage market further.鈥�
