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Coronavirus Update: Deaths plummet as mortgage deals get pulled

18/05/2020 COVID-19 Daily Update

UK daily COVID-19 deaths plummet

The UK has finally returned to sub-200 figures in daily coronavirus deaths. The announcement comes a week after the government eased lockdown restrictions in England. Although death toll figures on Sundays are typically lower than the rest of the week, it is still approximately 100 fewer than the Sunday before. UK has been seeing a much-needed downward trend in daily death tolls since mid-April.

UK plans to start production of experimental coronavirus vaccine

In a move that may raise eyebrows for some, the UK government has announced that plans are in place for a £38m centre to start production of a coronavirus vaccine that is yet to have been confirmed as effective. The facility will produce such vaccines until a larger centre, called the Vaccines Manufacturing and Innovation Centre (VMIC), opens next year at the Harwell science and innovation campus in Oxford. Furthermore, if the vaccine proves to be successful, AstraZeneca will collaborate with Oxford University to produce 30 million vaccines for the UK by September and a further 70 million for the rest of the world.

Mortgage deals may be pulled

It has been reported by the Daily Mail that many mortgage providers are reassessing whether borrowers can still afford to repay their mortgage. This means that if the banks believe that there has been a significant change in the borrower’s circumstance (pay cut, on furlough, loss of bonus or made redundant), the bank can effectively withdraw their mortgage offer even if contracts have been exchanged. Furthermore, according to the Royal Institution of Chartered Surveyors, 80% of their registered surveyors have reported buyers and sellers pulling out of transactions during the pandemic.

What does it mean for you?

Industry experts have remained pessimistic on the property market as the lockdown eases in England. If you have been planning to, or have been pondering to, sell your property, it may be better to consider selling now to avoid a further drop in property prices. With the lockdown measures lifted, Auction Agent will be conducting both physical viewings and virtual viewings for interested bidders. We have taken measures to ensure that health guidelines are adhered to at all times during physical viewings.

Why use Auction Agent?

The majority of our purchasers at auction are cash buyers and therefore not affected by these decisions by mortgage providers. With our exchanges guaranteed to complete anywhere from 1 to 28 days from the fall of the hammer, Auction Agent property auctioneers will ensure that your property can be sold as quickly as possible and without the worry of buyers dropping out. Our seller’s package includes marketing on leading online property portals (Rightmove, Zoopla, and PrimeLocation) and social media platforms (Facebook, Twitter, and LinkedIn).

Auction Agent property auction house has over 50 years of combined experience – we are ready to answer any of your questions regarding buying, selling, or just regarding property auctions in general. Auction Agent house auctioneers offer complete services for buyers, sellers and even probate property owners. Furthermore, Auction Agent property auction house gives all sellers a peace of mind with our no-sale-no-fee approach.

Take your first step to a stress-free property sale today by contacting us for a free property valuation. Be sure to sign up for our newsletter for the most up-to-date properties available from our property auction portfolio.

Contact Auction Agent today on 01706 940499, info@auctionagent.co.uk, or visit www.auctionagent.co.uk.

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