Lynne Lancaster, Head of Estate Agency, looks at the current impact of our local property market.

The relaxation of the Covid lockdown rules has taken the property industry by surprise, albeit a pleasant surprise. There is an exodus from urban areas to rural locations. As we have previously said more buyers now want open space and extra room at home than they did before the lockdown. Larger houses have suddenly become more popular as buyers look for extra working space – not just for one person but also for two or more people.

Properties that are situated away from major cities are increasingly in demand. Buyers are moving away from commuter belts and the need previously to live close to work.  Now that working from home is the new ‘norm’ they are looking for more expansive homes farther out.

We cover an area of outstanding natural beauty including the Lake District National park and we also cover other areas that provide easy access to it: Carlisle, Cockermouth, Keswick, Kirkby Stephen Penrith and Whitehaven.

It is difficult to say how long this may last however we continue through a safe flexible Covid-19 approach, to help customers find their ideal property and location. Right now just might turn out to be a better time in the property market and with that said all of our offices are happy to help you in relation to any enquiry you may have. Visit our website for your local office’s contact details –  https://estates.pfk.co.uk/contact/

The Covid 19 lockdown was a challenging time for everyone and the buying and selling of houses has been no different. Home moving was initially classed as not essential and we were unable to carry out home visits which in turn meant that buyers and estate agents couldn’t make appointments to view houses in person.  We managed to navigate around this by offering virtual alternatives.

When the government announced the lock down on the 23^rd of March there was a particular group of people immediately effected and it was those who had agreed sales prior to lockdown with completion dates almost imminent. Understandably many of these sales were put on hold due to various reasons like one party being in the high risk category. But what of the chains where all parties wanted to move asap? We had such a chain, where we had first time buyers buying one of our properties in Carlisle, the sellers were then buying a vacant property again through ourselves and everyone was keen to move.

The first thing to do was ascertain, was this even possible within the UK government and law society guidelines? Ourselves and the solicitors reviewed both sets of guidelines and discovered that it would be possible to get everyone moved working to the guidelines set and observing social distancing measures.  The buyers, sellers, solicitors and us as the agents worked alongside one another to make the move happen. It was agreed that the completion could take place and that the sellers of the occupied property would move out of their property after wiping down all surfaces and door handles etc and leaving it vacant for 24 hours.  Those sellers then moved into the vacant property and their first time buyer waited 24 hours before moving into their previously occupied property.

The outcome of this story is that even in the most challenging of times if we work together the right outcomes can be achieved, one of the customers involved in the transaction above sent us this lovely message:

Just wanted to thank you all for selling our home so quickly and getting our purchase completed. From start to finish you were all very helpful and quick to respond to queries and problems involved in our move which was made more stressful with the Covid situation. A professional, friendly, efficient service was provided. 

As the UK lifts out of lockdown, Harriet Simpson of PFK Estate Agency, Penrith suggests a chat to consider your next move.

Estate agents move people from one home to the next. And never has moving people seemed more important than now: because never have homes seemed more important to all of us as we battle to defeat the most deadly threat in our lives and to our ‘normal’ way of life.

But something big is happening. Activity has gone through the roof since the government allowed agents to return to work. The property portals are reporting the highest traffic ever to their sites. In lockdown decisions have changed, some people have decided to move on and are now acting upon those decisions.

It is at a time like this that estate agents become very useful indeed. It is their local expertise and market knowledge, which are so invaluable to sellers, buyers, landlords & tenants. Who’d have thought that houses and flats on dedicated cycle lanes would step up in value? The answer is, an experienced estate agent.

So if you plan to move, why not call us for a chat. Better still, arrange a meeting.

You will find that we live in your area, we share and enjoy the same local facilities and we support the same local businesses. More than that, you will find that we care in a way that goes beyond selling or renting your property. We take the utmost care in moving our clients from one place to another.

Contact your relevant PFK branch by visiting https://estates.pfk.co.uk/contact/

PFK are pleased to be re-opening to the public their Estate Agency offices in Carlisle, Penrith and Cockermouth from 10 am Monday 1^st June, strictly adhering to current Government guidelines. The Estate Agencies worked remotely throughout lockdown and more recently have been assisting clients and buyers with safe physical viewings when these recommenced.

Lynne Lancaster, Head of Estate Agency said:

“We feel the time is right to re-open these offices and, of course, we are doing so with safety as our number one concern. We have taken a little time to re-design our offices to deal with Covid-19 operating requirements and, of course, we are using PPE as safely as possible.”

The property market is now very active with Rightmove reporting its busiest ever day on 27^th May, with six million visits to its listings.

Lynne adds:

“We are seeing a lot of interest in the market and our staff have been extremely busy both with new listings and dealing with existing properties. As you might expect we have been working extremely hard on our digital offerings and virtual viewing tours have been very popular. It really is now a case of, From Mouse to House!”

During the pandemic a core team of professionals operated the Estate Agencies remotely and staff have been brought back from Furlough as the business restrictions have been eased.

Andrew Green, Director, comments:

“Our Estate Agency staff have done a sterling job during lockdown and, whilst our virtual viewings and tours have been very well received, we are looking forward to seeing a little more of our clients as the “new normal” begins.”

PFK’s other departments have adapted well to the new working regime. PFK’s Land Agency (which advises mainly farmers and landowners) has worked remotely “as normal” throughout the pandemic. PFK Land and Development (which assists clients with property deals and planning) has been operational throughout with staff operating remotely, as has Surveys.

PFK Auction House and Saleroom has been operational throughout carrying out extremely successful and widely acclaimed Virtual Auction Sales to an international net of buyers on-line via the Web.

For more information contact Lynne Lancaster on 07503 636555/lynnelancaster@pfk.co.uk or Andrew Green on 07711 912019/andrewgreen@pfk.co.uk

PFK refer customers to Pollard Scott for mortgage advice and they have answered some of the frequently asked questions below.  If you would like to speak to them regarding any mortgage advice you require, then please contact the relevant PFK  branch via estates.pfk.co.uk/contact

Surveys/Valuations
Surveyors are back at work and booking appointments, there may however be a slight delay due to the back-log created over the last couple of months.  Where possible lenders are trying to do what is called a Desk-Top Valuation, however this is not always possible.

Can you BUY a house if you are furloughed? – YES
Lender criteria varies, however all will want to assess affordability based on current income, which if you are furloughed is more than likely to be 20% lower than usual; unless of course if your employer is making it up and then there are some lenders who will accept your full pay as long as written confirmation can be obtained from the applicants employer.  HOWEVER, the maximum mortgage loan to value at this time is 90%, therefore an applicant will have to put at least a 10% deposit down.

Standard evidence would still be required regarding Payslips, Bank Statements, ID, Proof of Address and Existing Lenders Mortgage Statement 

Can you re-mortgage if you are furloughed ?– YES
Lender criteria varies, however all will want to assess affordability as mentioned above.

Standard evidence would still be required regarding Payslips, Bank Statements, ID, Proof of Address and Existing Lenders Mortgage Statement 

Can I re-mortgage or look at buying a new property if I have taken a Payment Holiday? – YES

Taking a payment holiday should not affect a person’s credit record and therefore there should be no problem in sourcing a new deal.

I am a First Time Buyer, will it be difficult for me to get a mortgage? 

Whether you are a First Time Buyer or Mover all lenders will assess affordability and the applicants credit record, so being a First Time Buyer won’t stop you getting a mortgage.

FTB will need at least 10% deposit and be able to meet the lenders criteria and credit scoring.

Within a day of the government announcement that the home buying and renting process could re-start, the telephone calls and emails began – and we have not stopped since.

People who, have decided in lockdown to make life changes have now joined those who were already on the house moving path earlier in the year. In the new year we saw a Brexit bounce and now it seems we have a double bounce.

We are speaking to dozens of buyers keen to escape city & town environments or in need of a lovely outside space. Then there are those looking for properties with room for a dedicated workspace. We have heard from people who have re-evaluated their relationship with their home and now want something different.

Our commitment to those who have suffered during this period with ill-health or other issues is steadfast. Our team’s years of experience and in-depth local knowledge are already aiding those who need the support and commitment of sympathetic but practical property professionals. Those who are in difficulty with property matters are not alone in this. We are here to help and we know how to help.

We are taking all the precautions recommended to keep customers and our colleagues safe.  If you need to make a move safely and wisely please contact your nearest PFK office.

Paul Doyle, Carlisle Branch Manager.

Our current hours of operation are 9am to 5pm, Monday – Friday. 

Please contact the relevant office by phone or email. 

Carlisle – 01228 558666 – carlisle@pfk.co.uk

Cockermouth – 01900 826205 – cockermouth@pfk.co.uk

Penrith – 01768 862135 – penrith@pfk.co.uk

Kirkby Stephen – 017683 71235 – kstephen@pfk.co.uk

Keswick – 017687 74546 – keswick@pfk.co.uk

Whitehaven – 01946 695535 – whitehaven@pfk.co.uk