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Homemovers ready to press ahead when they can

Three quarters (75%) of people who were at the early stages of moving before the pandemic still want to move house as soon as possible, with a further 18% hoping to do so by the end of the year.

Research from reallymoving found that most (62%) want to use the lockdown period to get as far ahead as possible, so they’re ready to hit the ground running when the current restrictions are lifted.

Rob Houghton, chief executive of reallymoving, said: “Homemovers at all stages of the process currently remain determined to press ahead at the earliest opportunity, suggesting we could see a quick recovery in housing market activity when the current restrictions on movement end.

“Before the coronavirus crisis hit, we were experiencing the strongest spring market for several years and this research suggests that demand has not yet melted away.

“But considering the main concern for movers is falling house prices, picking up the pieces of an existing move may require a renegotiation of the price along the chain and for some parties, particularly those who have had their incomes reduced, that move could become unviable.”

Those who have agreed a deal and are already in the process of buying and selling a property when the lockdown commenced potentially have the most to lose, having already invested money in the transaction.

A third (29%) have decided to put their transaction on pause temporarily, while 6% are no longer willing or able to proceed and 3% have already seen their chain collapse.

The main reason for withdrawing is nervousness over house price falls (26%).

Houghton added: “Until activity resumes it will be difficult to predict the full impact on volumes and prices, but it’s encouraging to hear the determination of buyers and sellers to stick with their plans and progress their move as soon as possible.

“For now, the most important thing is that people follow the government’s advice to stay at home and keep removers, homeowners and tenants safe.”

BY RYAN BEMBRIDGE

Source: Property Wire