Like most aspects of life across the country, the UK housing market has entered a stasis. The UK government has put the entire property market on hold, encouraging buyers and sellers to delay transactions. In part, the move was prompted by practical concerns – including the dangers that viewings, removals and face-to-face interactions could negate efforts to halt the spread of the coronavirus.
“There is no need to pull out of transactions,” states the Ministry of Housing’s new guidance, “but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding.”
Online property portal Zoopla reported a 40 per cent decline in demand from buyers over the seven days to 22 March and forecast a 60 per cent fall in sales over the next three months.