Estimated 373,000 property sales waiting for Coronavirus lockdown to end..
Housing market update:
According to Zoopla,property worth £82 billion is currently stuck within the frozen housing market. Data released recently shows they estimate 373,000 property sales have been held up by the crisis which will move towards completion as soon as the lockdown ends.
Zoopla says the majority of these frozen sales were agreed between November 2019 and February 2020, and would have been set to complete between April and June.
These extraordinary figures have been extracted from Zoopla’s market data, which also shows that the number of properties listed on the market has decreased by just 4% since the start of March. This suggests strongly that vendors yet to find a buyer have simply ‘paused’ their property’s marketing rather than withdraw it from the market.
They also state that online browsing of homes for sale and buyers expressing interest in property have been rising over the last two-three weeks. We at Adams are pleased to confirm we are still receiving plenty of enquiries and we encourage clients who are selling to keep their homes advertised as this is a temporary freeze on viewings and we expect to swiftly act on the pent-up demand as soon as restrictions are lifted.
Despite the rather alarming headline regarding stalled transactions, the Sales team at Adams have helped to get some sales through to completion on empty properties by working remotely and liaising with home-working conveyancers even though it means we are holding on to the purchasers’ keys until they are allowed to travel.