At a top-level, property listings have plummeted from a peak of 8,535 added per day in February to just 672 a day as of 6 April according to estate agent comparison site, GetAgent.co.uk.
GetAgent has released its live, interactive dashboard detailing how the Coronavirus pandemic is impacting UK property market activity, as well as the results of its market sentiment survey of home sellers and estate agents, and their feelings towards current market conditions.
It also found that the average number of views per listing has also dropped considerably, along with the number of new home seller leads which are down to four (6th-12th April) from 82 (17-23 February).
Search volume of buyer and seller keywords on Google are also down -54% and -62% respectively since the middle of February.
Inj addition, it found that 42% of sellers ranked their concern 10 out of 10 when it comes to the impact of a planned sale, while 46% of buyers said they” would not put an offer on a property under current conditions”.
The spread of the virus has caused many to reconsider, with 29% of those planning to sell delaying by at least four to six months, with a further 28% expecting delays of between seven months and more than a year.
However, 76% of all respondents still plan to take their property to the market within the next year, despite the current restrictions.
When it comes to the other side of the sale, Get agent revealed that 56% of agents ranked their concern over the impact of the Coronavirus on the property industry as a whole at a 10, with 88% having chosen not to conduct in-person valuations while social distancing measures are in place.
More than half of the agents surveyed have furloughed over 81% of their employees, while 68% had also significantly reduced advertising and 50% were extremely concerned over cash flow in the next month.
Founder and CEO of GetAgent.co.uk, Colby Short, said: “Tough reading for the large part, with the impact of the Coronavirus already very evident despite the short time we’ve seen social and market restrictions implemented by the Government.
“It’s clear that many sellers are now refraining from selling and the speed at which the pandemic has taken over has caused a breakdown in communication between seller and agent.”
He added: “A very worrying outlook for agents as well who are clearly struggling with the financial impact while trying to pivot and keep a sense of operational normality.
“The silver lining is that confidence remains in the market and many will look to transact as soon as possible, while many agents are also doing all they can to keep the cogs turning for the sales that were already underway.”