Sales activity slows due to the Covid-19 outbreak
On Monday, Boris Johnson announced a strict lockdown of the UK, banning all non-essential workers from leaving their home.
Physical property viewings are not permitted until the current lockdown is over and for some estate agents, sales activity has come to almost a complete stop.
With no viewings going ahead and no more valuations, it means once the current properties are gone there will be no more supply.
Dexters, a leading estate agent in the capital has closed all its branches with only a few managers asked to work from home to run the background activities like checking up on the current tenants.
Saif Afzal, a Dexters manager at the Ealing branch is relying on the 80% wages Boris Johnson promised to those affected by the closures, as he has been asked by the company to stop working due to the business really slowing.
He said: “At the moment, there is no market. It is like it has been put on pause.”
“I am not really sure when we come back what it will look like.”
“I imagine it being a very slow build-up again where it takes a while for that confidence to build.”
Ian Appleyard, direct of Haus Estate agents in Sheffield is more hopeful and believes as long as the demand is there from the people, the market will fix itself.
He said: “The people that are buying at the moment are really keen to get this through this week because they know after this week they won’t be able to get it done.”
“There is such massive demand, there is definitely a lack of supply of property in Sheffield anyway.”
“Because of this demand, I don’t think prices will drop.”