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Housing market restarts, but could stutter

The government has issued guidance for sales sites and property viewings to recommence
Housing market restarts, but could stutter

Taylor Wimpey (TW.) and Crest Nicholson (CRST) have become the first major housebuilders to announce plans to reopen show homes and sales sites after the government released guidance giving the green light for property moves and viewings. 

Estate agents offices can open and market new properties, buyers and renters can view properties physically and removal companies are permitted to restart work. The UK housing market was effectively frozen at the end of March when the government issued guidance encouraging buyers and sellers to delay transactions to comply with social distancing measures.

At the end of April, property search portal Zoopla estimated that 373,000 property purchases worth £82bn had been stalled since the start of March and although the total number of properties for sale was just 4 per cent lower, it forecast that overall sales transactions for the year would be 50 per cent below 2019. 

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