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THE CAMPAIGN FOR COVID RELIEF FOR UK HOMEBUYERS AND SELLERS

(CCR-UK)

The CCR-UK campaign has a simple goal: to make the British Government and Members of Parliament understand that homebuyers and sellers who have lost out due to Covid-19 deserve public protection and support.

To protect the market itself and those active in it, we are calling for a legally mandatory “Covid Clause” to be in place for as long as the pandemic lasts and for it to be applied retrospectively to the start of the first lockdown in March 2020.

The Covid Clause should include:

  • the parties’ right to serve a notice to complete will be suspended while an event related to COVID-19 prevents the other party from completing;
  • a party will not be in breach of its obligations because of a delay caused by COVID-19;
  • either party may terminate the contract if completion does not take place by a specified long-stop date, fixed at an agreed date beyond the contractual completion date;
  • a moratorium with retrospective effect to the beginning of the pandemic in February 2020 on deposits so that home-buyers do not lose deposits because COVID-19 force majeure prevented sales from being completed. 

PROTECT THE UK REAL ESTATE MARKET’S BUYERS AND SELLERS FROM THE IMPACT OF COVID-19

Much like the rest of the British economy, the housing and real estate sectors have been hard-hit by the Covid-19 pandemic. The first lockdown in March 2020, put an estimated 450,000 property transactions on hold. By the time the Government re-authorised viewings in May, 41% of prospective buyers or sellers told Zoopla they were forced to halt their plans to move house.

The UK Government has enforced the multiple lockdowns but has done close to nothing to support those that have lost out as a result – unlike the support shown to so many other areas of the economy.

There is a growing network of people who have faced similar problems and a growing number of estate agents, solicitors, and advisors in housing support the idea of a ‘Covid Clause’ in housing contracts.

We are calling on the Robert Jenrick, the Housing Secretary to make this clause legally mandatory. This modest measure, in place only during the emergency period of the pandemic, will show Government supports the home buyers and sellers affected by the pandemic. 

When it comes to fixing a broken system that works for neither buyers nor sellers, and leaves thousands in the lurch in times of acute crisis, there truly is no time like the present.

Have you, or anyone you know, had a home sale or purchase impacted due to the Covid-19 lockdown?

According to research commissioned by the campaign and carried out by Savanta ComRes, you aren’t alone.

29%

of UK respondents have had a home sale or purchase impacted by the lockdown, or know someone who has*

22%

of UK respondents know someone who had a sale or purchase impacted by the lockdown*

10%

of UK respondents themselves had either a sale or a purchase impacted by the lockdown*

*Methodology: Savanta ComRes interviewed 2,085 UK adults aged 18+ online between 17th and 19th July 2020. The data were weighted to be nationally representative by a number of factors including age, gender, region and social grade. Savanta ComRes is a member of the British Polling Council and abides by its rules.

The Covid-19 lockdown hit buyers and sellers equally hard.

33%

of buyers saw sellers change the terms of their contract**

41%

of sellers saw buyers terminate their contracts**

31%

of buyers had their mortgage offer withdrawn**

40%

of sellers saw buyers change the terms of their contract**

25%

of buyers saw sellers terminate their existing contracts**

56%

of sellers are now struggling to sell their home**

Momentum is now growing for change, with 73%** of people saying they want Government to do more!

**Methodology: Savanta ComRes interviewed 256 British adults who have had a home purchase or sale impacted by the Covid-19 lockdown online between 19 and 23 August 2020. Savanta ComRes is a member of the British Polling Council and abides by its rules.

There has been no financial assistance to offset the often-devastating losses incurred during lockdown.

37%

of first-time buyers and over 30% of all potential buyers had mortgage offers withdrawn during the Covid-19 lockdown**

44%

of buyers and 34% sellers forfeited a deposit during lockdown through no fault of their own**

**Methodology: Savanta ComRes interviewed 256 British adults who have had a home purchase or sale impacted by the Covid-19 lockdown online between 19 and 23 August 2020.

The impact of this crisis could make itself felt for years.

58%

of sellers now think they will not sell their home**

52%

of first time buyers say they may have lost their opportunity to buy, and 5% feel they have permanently lost their opportunity to buy a home**

15%

of transactions were delayed by more than 12 months, or are never expected to be completed**

**Methodology: Savanta ComRes interviewed 256 British adults who have had a home purchase or sale impacted by the Covid-19 lockdown online between 19 and 23 August 2020.

The fact the UK Government is doing nothing to rectify the situation will lead to yet more shocks in the housing market, both in the context of this crisis and down the road.

73%** agree the Government should do more to protect homebuyers and sellers.

**Methodology: Savanta ComRes interviewed 256 British adults who have had a home purchase or sale impacted by the Covid-19 lockdown online between 19 and 23 August 2020.

Our Mission

Our campaign’s goal is simple: to make the British Government and Members of Parliament understand that homebuyers and sellers who have lost out due to the Covid-19 lockdown deserve public protection and support.

To protect the market itself and those active in it, we are calling for a legally mandatory “Covid Clause” to be in place for as long as the Pandemic lasts and for it to be applied retrospectively to the start of the first lockdown in March 2020.

What are your plans to help homebuyers and sellers hit by the lockdown, @RishiSunak? #MovingHouseDuringCovid


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