England’s housing market may be back in business – but some buyers may face “fresh agony” as they wonder if they should still go ahead with plans they had made before the lockdown. Sarah Coles, a personal finance analyst at Hargreaves Lansdown, said: “Buying a property is immensely stressful at the best of times, so having the whole process frozen part of the way through has been excruciating. If you felt under pressure to offer more than you could really afford, or if your circumstances have changed as a result of the crisis, the purchase may not make sense any more. Even at the early stages, if you are a first-time buyer, this could end up costing you thousands of pounds more in rent if you go back to thedrawing board. However, this matters far more if it is somewhere you will be selling in a couple of years, so you end up with less than you started with – and even risk falling into negative equity. If you intend to live there for a reasonable period, there is every chance prices will haverecovered when you come to sell. Am I prepared to risk losing this property? If you really want to buy the property, but you would like a price reduction to protect you from future price falls, you could consider contacting the seller through the estate agent and open negotiations. But any time you try to negotiate, you need to be prepared for them to refuse and take their chances back on the market.
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