Property & Mortgages

Despite coronavirus disruption, 79% of UK home sellers still plan to market their property

UK home sellers

Though, 64% do believe that their sale will be delayed between three and 12 months

Despite the disruption caused by COVID-19, 79% of home sellers still plan to market their property within the next 12 months, according to research by GetAgent.co.uk.

However, 64% do believe that their sale will be delayed between three and 12 months.

43% of buyers said they would not put an offer on a property in current market conditions; this had dropped marginally from 46% two weeks ago.

Online listings reaching the market continue to sit at a post-lockdown peak of 2,000 or less per day, compared to 9,000 a day prior to lockdown.

The median number of web views a listing receives in the first three days of being on the market spiked to 272 on 19 April.

Two weeks ago, 42% of sellers were extremely concerned about the impact of coronavirus on their property sale; this has since dropped to 33%.

Out of 10, estate agents’ concerns around the market have dropped from an average of 8.2 two weeks ago to just 7.6 now.

Home sellers are still ranking their agents’ response to the crisis at 6.1 out of 10 on average.

Colby Short, founder and CEO of GetAgent.co.uk, said: Our latest data release provides a welcome glimmer of returning market sentiment in what has otherwise been an extremely difficult period for the property industry, as home sellers and buyers start to think about life after lockdown.

This has led to a steady increase in virtual demand which comes as very welcome news for those agents that have seen the physical aspect of their business all but vanish due to current restrictions. Of course, concerns remain, but as we move closer to a solution it’s reassuring to know that the market remains poised to spring back into action, he said.

Judging on the latest update, it may be a month or two yet before we see a full return to normality, if at all, but the industry will continue to pivot with the current landscape and as restrictions are relaxed, this should enable the cogs to start turning once again, Short said.

When they do, this pent up level of buyer demand should ensure that any pandemic related impact on house prices is short lived, he said.

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