The current pandemic is making the already stressful task of buying/selling property even more traumatic. People looking to put their house on the market are likely to hold off for a while until everything settles down. Those already committed will be doing everything they can to make sure the purchase/sale completes and speed up the process.

At this time, with people isolating themselves from non-essential social contact it’s extremely difficult to put your house on the market. Viewings are being cancelled as buyers comply with government instruction to stay at home. The reduction in buyers for the foreseeable future will naturally decrease transaction levels in the short term. Whilst house prices have risen quickly over the past 18 months, concerns over Covid-19 could stall growth in the industry.

According to a recent report by the Financial Conduct Authority, first time buyers using the ‘help to buy’ scheme could be left with negative equity. Halifax have also revealed that people could be as much as £3,727 better off each year if they were to rent, rather than buy a house.

If you’re looking to buy/sell soon and have time to spare during isolation, use the opportunity to research solicitors, removal companies and storage facilities. Comparing prices and reading reviews on companies could save you money and hassle when the time comes.

Covid-19 is having a significant impact on many aspects of life; however, we should remain optimistic for a swift resolution to the pandemic, followed by a robust response from the property market.