Andy Sommerville, Director of Search Acumen, comments:
“Today’s transaction figures demonstrate the nascent ‘Boris Bounce’ which boosted the property market in January and February. In today’s world, this seems like a distant reality and we expect the months that follow to tell a very different story.
“Viewings have plummeted as potential buyers back away from visiting properties where the risk of infection is unknown while sellers baulk at the possibility of letting strangers into their homes. Further, given the economic uncertainty, many potential buyers are deciding that the significant outlay in money and time required to buy a house just isn’t worth it.
“But for all the real problems and dangers Covid-19 presents to people and the economy, we do want to take time to praise the existing technologies which are relieving a degree of market pressure. For example, through virtual viewings which are protecting all parties in the homebuying process. There is no doubt that the months ahead will be challenging for businesses and consumers, but ultimately, it is technology that can provide the flexibility and resilience to operate in a rapidly changing world.”