Update on the Sales Market – Covid 1915 Apr 2020
A quick update on how the sales market is performing during the Coronavirus Outbreak. I think it is fair to say that the last 4 weeks have been extremely difficult with the housing market grinding to a halt however I am seeing some encouraging reports and surveys suggesting home movers across the UK are determined to proceed with plans to move at the earliest opportunity.
In a survey carried out by ‘reallymoving’ 75% who were at the early stages of planning a home move still want to proceed, with a further 18% still hoping to move later this year and only 7% deciding not to sell or able to move home.
From what I can see from social media most people are taking advantage of the lockdown preparing their home for sale and many buyers have more time to research the market, areas, schools so when restrictions are lifted there is hope the market will recover quickly.
With sales already agreed although transactions are not going through estate agents and solicitors are still trying to push the conveyancing side as far as possible so again these sales can complete asap. There have been very few fall throughs (so far) with most buyers still wanting to proceed although there have been a few cases where a new reduced sales figure has been negotiated.
It is difficult to predict what will happen with house prices after the Lockdown – if the market is flooded with new properties houses prices will fall although I think this will be short-lived and house prices should recover over the next 6 – 12 months. It will also depend on buyers and their circumstances, many will be nervous about committing too soon and if house prices fall being left in a house in negative equity, people will also be concerned over the security of their job.
For anyone who is considering selling or already has their property on the market, I would still encourage you to continue. I have many buyers registering their details for when the lockdown is lifted and I am definitely encouraged by the number of active buyers and sellers.
Like with any challenging market people still need to move for numerous reasons so I do expect the market to get moving fairly quickly. If you are concerned about your property or want to discuss your house sale please do get in touch. Our office may be closed but I am still working remotely and happy to chat over email or on my mobile.
Keep well, stay at home and stay safe!