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There’s hope yet! 40% of property sales agreed before Coronavirus are proceeding during lockdown

Claim is made by Rightmove after it canvassesd buyers and sellers during webinar event it held for members of the public over the weekend.

Nigel Lewis

property sales

Forty percent of buyers and sellers canvassed during a poll have said they intend to continue with property sales already agreed prior to the lockdown, while 54% said they would pick up where they left off after the market reopens.

This leaves just six percent of sales which have been abandoned following the arrival of Coronavirus the Rightmove poll held during a webinar, revealed.

These results are also reflected in the portal’s listings which have only dropped by 2.2% since the lockdown began.

“The resolve of buyers and sellers to carry on with their sale is clear, whether it’s those who are going through the conveyancing process already or those who currently have their home on the market or want to buy when lockdown ends,” says Rightmove’s Commercial Director and Housing Market Analyst Miles Shipside.

“The longer people are spending in their homes the more they may be considering not just a new home but also a new location, and are starting to research and search for their next move, leading to this slow but steady recovery in activity.

“It’s very early days for the market and will still take some months for the industry to find its feet but these signs are encouraging.”

Rival Zoopla last week also reported no ‘mass withdrawal’ of stock with most of its listings dipping by just 4% since the lockdown began.

But it is gloomier about the six months after the lockdown eases, predicting that completed sales will by 50% lower this year when compared to 2019.

Read more about property sales during Coronavirus.

May 4, 2020

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