Property buyers put sales on hold
A staggering 373,000 home sales have been put on hold as a consequence of the housing market going on lockdown. The number of delayed moves equates to approximately £82 billion pounds.
Since the beginning of March "new sales" have fallen by approximately 90%.
The property portal Zoopla are predicting 60 days of very little activity in the housing market and that post that period that 2020 will generate 50% of the sales undertaken in 2019.
In China sales seemingly dropped by 90% in the first few weeks of their lockdown and the UK seems to be following a similary trend. Three months later transaction levels are at 75% of their normal levels.
The predicted UK sales collapse will leave estate agents facing a £1bn shortfall in their fees and looks set to pile pressure on housebuilders.
The Federation of Master Builders has suggested that 31pc of small and medium-sized developers have homes standing empty as a consequence of purchases being delayed or cancelled.
At present the Covid-19 lockdown is yet to affect house prices as no significant sales seem to be occuring.
Zoopla have said that property prices were 1.8pc higher in March than a year earlier, but this number makes no allowance of the current situation.
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Mansfield,
Nottingham,
NG18 1QL
01623 427575