Coronavirus Will Deter Third Of Buyers And Sellers

Coronavirus Will Deter Third Of Buyers And Sellers

31 per cent of buyers and sellers will cancel their plans of moving home whilst the coronavirus is still spreading throughout the UK.

Worryingly, whilst a third of potential buyers may postpone their activity in the market, a sixth have already reduced and stopped their activity, according to a recent survey of over 1,000 buyers and sellers by estate agents, Benham & Reeves.

According to the survey, almost one in 10 stakeholders, who were already making their way through the buying and selling process, have pulled out of the transaction, attributing the coronavirus as the main factor in their decision.

Furthermore, an additional 9 per cent who were about to enter the market have now decided to wait until COVID-19 is under control.

The Telegraph reported anecdotal evidence from agents claiming many self-isolated sellers are preventing home viewings from taking place and concerned sellers asking for the travel activity of the people viewing their home before agreeing to the meeting.

John Phillips, National Operations Director at Just Mortgages, said:

“The fly in the ointment now is the coronavirus. People’s health is the number one priority, but we also need to minimise disruption to everyday life as this could have serious knock-on effects for people’s livelihoods in all walks of life. There’s a real risk it will stop the recovery in its tracks.”

Richard Pike, Phoebus Software Sales and Marketing Director, said:

“The question now has to be, what will be thrown at us for the rest of this year?  We’ve started the year well but there is one black cloud that is hard to ignore, and it is one that is already having an effect on the world’s economy.  How the Coronavirus effect will translate down the line into the housing market is anyone’s guess, but it is unlikely to have no effect at all.”

Jonathan Sealey, Hope Capital’s CEO, commented: 

“Over the past few months, it has felt as though we were experiencing a real sea change in the market as the political arena became less of a focus.  We have definitely seen the busiest start to any year so far as people started looking forward to a more stable environment.

“Unfortunately, that may well be up in the air again as nervousness surrounding the COVID-19 outbreak takes hold.  Nonetheless, the country has shown that despite everything we are a resilient lot.  The market held it’s own in 2019 and that’s not something that many would have predicted at the beginning of the year.”

Martin Parrin

Martin is a Senior Content Writer for Today’s Conveyancer, Today’s Wills and Probate, Today’s Legal Cyber Risk and Today's Family Lawyer Having qualified as a teacher, Martin previously worked as a Secondary English Teacher that responsible for Head of Communications. After recently returning to the North West from Guernsey in the Channel Islands, Martin has left teaching to start a career in writing and pursue his lifelong passion with the written word.

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