According to research from Trussle, almost half of buyers (49%) had already decided to stop looking for a new home before the Government urged people not to move at the end of March. This compares to just 20% of sellers deciding to halt proceedings on the sale of their home.
Overall, both would-be buyers and sellers expect to defer their property plans for an average of just over five months. As a result, one in six homeowners are considering remortgaging in the near-term.
Of those who are considering switching, the majority (66%) are aged between 25 and 44 and nearly a quarter (24%) are based in Greater London.
Ian Larkin, CEO of Trussle, had this to say: “The coronavirus pandemic has not only had a huge impact on the economy, but also on everyday life in the UK.
“Just last month, it would have been nearly impossible to contemplate the scale of the lockdown and its economic impact. We’re now feeling the effects in the housing market and it’s difficult to predict how long it will take for transactions to return to pre-crisis levels.
“With the government’s latest plea discouraging buyers from moving house, It’s entirely understandable that people are putting off their housing plans."
