Property News > Majority of homemovers ready to pick up where they left off after lockdown

Majority of homemovers ready to pick up where they left off after lockdown

Prospective homemovers have not lost their appetite for moving despite the coronavirus
pandemic, with some 75% of those who were at the early stages of moving prior to lockdown still expressing willingness to complete their deals as soon as possible.

Indeed, the research from reallymoving also showed that a further 18% hope to see their
moves completed by the end of 2020, while 62% are hoping to progress matters as far as
possible while the lockdown measures remain in place, in the hope that the process will then be shortened once they 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.”

The research points out that those most at risk of losing out in a financial sense are those
who had agreed a deal and had already completed much of the process of buying and
selling when the lockdown commenced.

Almost one in three have made the decision to pause their deal temporarily, while just 6%
have decided to pull out completely. A further 3% have already seen their chain collapse
during lockdown, with the main reason cited for withdrawal being the belief that house prices may fall.

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.”

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