First ‘virus’ survey shows sellers expecting a five-month delay
What is thought to be the first survey of sellers since the start of the Coronavirus outbreak suggests that they anticipate a five-month delay to their plans.
This means that the usual spring market surge may take place in late summer, assuming restrictions allow something like normal business to resume.
A survey conducted for online mortgage firm Trussle by polling organisation Censuswide shows that 49 per cent of those planning to buy decided to stop looking for a new home as a result of the lockdown.
However, fewer sellers pulled the plug with just 20 per cent deciding to halt proceedings on the sale of their home.
Overall, both would-be buyers and would-be sellers expect to defer their property plans for an average of just over five months.
“With the government’s latest plea discouraging buyers from moving house, It’s entirely understandable that people are putting off their housing plans” says Trussle chief executive Ian Larkin.
“At a time of financial uncertainty, it’s a good time to think about your personal outgoings. We know that people could save an average of £4,100 per year just by switching their mortgage to a better deal.
“During these uncertain times, people are taking steps to protect themselves financially. Reducing mortgage payments, the biggest monthly outgoing most homeowners will face, is a priority for many.”