Property portal Rightmove has reported a 41% decrease in asking prices this month amid the coronavirus pandemic.
Rightmove also revealed that UK house prices fell by 2.1% annually to £311,950 in April due to the coronavirus outbreak, with “not enough properties coming to market”.
Total available stock for sale also decreased by 2.6% since the lockdown was announced, with over 48 properties on the platform per agent.
The property portal has described the current housing market as “paused”, but revealed an 11% increase in sales agreed before the lockdown was announced on 23 March.
Rightmove said: “Given the lockdown and pausing of key activities in the housing market, statistics on the number of properties coming to market, new sellers asking prices, and new sales agreed are not meaningful.
“You do not have a functioning market when buyers can’t buy and sellers can’t sell, and so the focus needs to be on what is required to help the market recover once the lockdown can safely be eased.”
Miles Shipside, Rightmove director and housing market analyst, added: “Agents report that there is good cooperation, with both buyers and sellers keen to hold deals together.
“While some buyers may express concern over the possibility of short-term dips in house prices, many are taking the longer-term view and living up to their commitments to proceed. This is being helped by mortgage lenders extending the life of existing mortgage offers by three months, and new legal rules on flexible completion dates.”