The Mortgage Bureau
The Mortgage Bureau
May 11, 2020
The housing market could be back up and running in just a few weeks after the industry body for surveyors confirmed it will unveil 'practical guidance' to enable home valuations to restart safely. A spokeswoman for the Royal Institute of Chartered Surveyors told This is Money that it is readying a new set of guidelines for valuers across the UK and hopes to release them imminently. The effective suspension of valuations in March slammed the brakes on mortgage offers and the property market, with surveyors unable to access homes due to lockdown and social distancing. The property industry sees restarting valuations as the key to unlocking the housing market, although government advice not to move home remains in place. Combined with uncertainty about the effect of the coronavirus lockdown on house prices - and the need to cope with a wave of borrowers asking for mortgage holidays - the suspension of valuations triggered banks and building societies to pull hundreds of mortgage deals overnight. The RICS spokeswoman said: 'The built environment, whether that is residential, commercial or construction, will play a significant role in rebooting the UK economy. But the health and safety of all who interact with it is RICS’ top priority. The Mortgage Bureau in Cambridge welcomes this news. If you have any concerns, please call 01223 656412. https://local.google.com/place?id=15022266394329617825&use=posts&lpsid=8152161612396689000
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