U.K Government Urge Freezing Real Estate Transaction for Public Safety

U.K Government Urge Freezing Real Estate Transaction for Public Safety

  • Business
  • Community
  • Policy
April 2, 2020

The U.K government has temporary froze the housing market through urging parties involved with buying and selling to “adapt and be flexible”. The move was to avoid breaking the social distancing rules to contain the virus from spreading.

The government advice parties in a real estate transaction to agree extending completion dates, mortgages, and move-in dates prioritizing public safety. According to analyst, it will send transactions volumes below the level of financial crisis in 2008. Temporary suspending the market leaves 71 billion pounds($) of lending commitment unprocessed. Transaction that was already in progress without the need to make physical contact will continue.

Unlike the financial crisis, the coronavirus epidemic was a completely different thing. Four emergency packages deployed by the U.K government totaling 65.6 billion pounds to support the economy. The number of transactions will likely drop between 60%-80% in the upcoming three months, a total number of annual sales to drop by 55% compared to the five-year average, price declining by 5%-10%.

Lloyds Banking Group Plc and Barclays Plc, U.K’s biggest lenders, are temporarily pulling offers and other banks are withdrawn from new mortgage application to focus on existing customer. Call centers are working long hours to coup with epidemic.

U.K 1.5 trillion pounds is the total value of U.K home loans at the end of last year. 71 billion pounds of commitment are outstanding, and the bank will lend residential purchases that have yet to complete.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.