Market Update: 21st April 2020

Last updated: 1.34pm, Monday 27th April 2020 by

Market Update to advise what is happening with property offers, completions and refurbishments.

By Gordon Campbell
20th April 2020

Our priority is always our customers.

We are being asked on a regular basis as we speak to and receive emails from our international clients on the situation on the ground and why and how we can still send out property deals.

So here is a further update from 2 weeks ago, and the actual and factual situation to what is happening and how our solutions driven business is reacting  to minimise any impact to our investors in Glasgow.

 

Following the continued and updated advice from the UK and Scottish governments and as the Coronavirus outbreak is now hopefully showing signs of having reached its peak and in decline, we are all of us are still taking action to stay safe, save lives and help our NHS.

This is the following update from us and our Partnering Teams.

The Solicitor:

  • The Coronavirus (Scotland) Bill 2020 has now received Royal Ascent which puts measures in place to allow completion of purchase and sale transactions in Scotland to take place despite UK lockdown.  
  • Registers of Scotland, Lenders and solicitors are happy with the measures and this has now allowed completions to happen over the last two weeks.    
  • This allows Alliance Property Group to continue to work closely with the solicitor to sell new properties and to complete transactions where feasible and practical.

Surveys/Home Reports:

  • Still at the moment, surveyors cannot carry out any Home Reports and Valuations until further advice has been authorised.
  • We continue to liaise closely with the surveyors to plan ahead what Home Reports will be required to be scheduled.
  • It may be the situation- and this is our opinion- that soon, surveyors will be able to do HRs on empty properties as the gradual return to normality happens.

Refurbishments:

  • Contractors are able to carry out any emergency works and repairs.
  • Contractors are able to do works on unoccupied properties but working to stringent requirements of social distancing, minimum number of trades people in a certain area and wearing the necessary PPE e.g. face masks.
  • Any client with a refurbishment has been contacted, advised and we are planning accordingly.
  • As a result of the above and as our refurbishments are all cosmetic, small and straight forward, we are able to schedule the works and they are all being completed successfully.

 

Letting Agents:

  • Letting Agents are working remotely from home and are all operating as normal in dealing with payments, tenant and client enquiries.
  • Some agents are able to do virtual viewings, some are doing move ins and all continue to receive enquiries for properties advertised.
  • Every agent is different in how they operate and what they can or are willing to do, understandably, so please liaise with the letting agent to get updates, if required, on your property.

 

Summary

 

  • We have plenty more off market, below market value, high yield and high cash flow properties ready and in the pipeline.
  • We are continuing to send out our fantastic deals in an planned and coordinated process and working to the strict guidelines that have been set.
  • Lastly, we want to reassure all our investors that we have been working tirelessly behind the scenes to make all of the above happen and by working closely with our amazing Partner Teams to make all of the above happen.

 

That is the combined power of our vast experience, solutions driven and ‘can do’ attitude and mentality.  

Thank you for your understanding, continued support and take care.

Gordon and James.