What will happen next to the property market?

Home buyers cut their offers as they fear house prices will fall – and sellers are nervous too.

  • Agents are also reporting a jump in buyers trying to renegotiate  
  • Buyers say house prices are forecast to fall and they take big risks proceeding

Buying and selling properties has been near impossible during lockdown, with around 450,000 transactions suspended. 

But with restrictions now partly lifted, estate agents are seeing a huge rise in enquiries. Yet the impact of coronavirus is still being felt in the property market – from nervous sellers to buyers trying to scoop a possible bargain…

Having put their property on the market at the end of last year, they accepted an offer in mid-March, meaning they could start their own property hunt in earnest. But within a week, Britain was in lockdown, their buyer had withdrawn their offer – and everything ground to a halt.

‘We’ve been stuck in limbo,’ says Joe. But even now that property viewings and valuations have resumed, Joe, who suffers from myalgic encephalomyelitis, is horrified by the thought of prospective buyers tramping through her bungalow. 

By Sarah Bridge. Please read the full article on This is Money.