Coronavirus: real estate sales have dropped 70% since the foreclosure, according to Zoopla

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Houses in London

The number of new real estate sales agreed in the UK has fallen by 70% since the start of the coronavirus restrictions, according to the Zoopla home listing site.

The properties were still on sale and newly listed until the restrictions began on March 23, when, among other things, the government urged people not to move.

However, sales have continued since then, albeit at much lower levels.

The sellers have not removed their properties from the market, said Zoopla.

The number of homes for sale – by real estate agent – is only 1% lower than it was on March 7.

Zoopla’s director of research and news, Richard Donnell, said: “There has been no massive withdrawal of homes from the market as agents and consumers take a wait-and-see approach.

“The closure of real estate agency branches and general uncertainty have resulted in a decline in agreed sales in the past two weeks, with fewer new supplies to the market. “

The number of people wishing to learn more about or view the properties started to decrease in early March and has dropped by over 60% in the past month.

However, there has been an increase in the number of people browsing properties over the past week.

Last month, the government did not ban the move, but advised against it for social distancing.

He said, “There is no need to withdraw from transactions, but we all need to make sure that we follow the instructions to stay at home and away from others at all times.

“When the property you move in is vacant, you can continue with this transaction, even if you have to follow the instructions… on the moves.

“Where the property is currently occupied, we encourage all parties to do everything in their power to agree on alternative dates of moving. “

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