People who’ve been planning to buy or sell a property expect, on average, to suspend their plans for five months amongst the coronavirus outbreak – according to new research by online mortgage broker Trussle.
Trussle found a third of people in the UK (33%) were planning to buy and/or sell a property according to the nationally representative study carried out in conjunction with Censuswide.
The Government temporarily froze the housing market in late March, discouraging buyers and sellers from moving house. But before those measures were announced, Trussle said 49% of those planning to buy decided to stop looking for a new home.
It also found that 20% of sellers decided to halt proceedings on the sale of their home.
Ian Larkin, CEO of Trussle said: “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.”
He added: “With the government’s latest plea discouraging buyers from moving house, It’s entirely understandable that people are putting off their housing plans.At a time of financial uncertainty, it’s a good time to think about your personal outgoings. We know that people could save an average of £4,100 per year just by switching their mortgage to a better deal.
“During these uncertain times, people are taking steps to protect themselves financially. Reducing mortgage payments, the biggest monthly outgoing most homeowners will face, is a priority for many.”