Three-quarters of those who were planning a home move before the coronavirus lockdown still want to do so as soon as possible, according to a survey by Reallymoving.
The comparison website for home moving services found that 62 per cent of those who are in the middle of the homebuying process want to progress the transaction as far as possible during lockdown.
Just under 7 per cent of buyers and sellers with an offer agreed say they are no longer willing or able to go ahead.
The main reason for pulling out of transactions is concern over falling house prices.
One survey respondent comments: “We are in our mid 20s and probably wouldn’t have stayed in the property long enough to get over the negative equity of the originally agreed price.”
Other worries include someone in the chain pulling out, redundancy, fears over job security, concern about the economy.
However, 92 per cent of sellers who have put their property on the market plan to leave it listed in order to take advantage of potential buyers browsing during lockdown.
Reallymoving chief executive Rob Houghton says: “Home movers 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.
“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.”
