Mortgage brokers are fielding anxious calls from buyers unsure as to whether to proceed with purchases because of the disruption caused by the coronavirus outbreak.

Others meanwhile say that borrowers are keen to push ahead with deals or before the UK lockdown becomes any more extreme.

Some buyers are trying to negotiate discounts on the basis that property prices are likely to drop.

Mortgage Strategy has been speaking to advisers to find out what kind of questions they are receiving from clients and how their working practices have changed in order comply with the government’s advice on social distancing.

Here’s what they told us…

Chapelgate associate director Colin Payne :

“I’ve spoken to a couple of agents and it reminds me of the position immediately after the EU referendum when purchasers were wanting to re-negotiate prices at best or simply withdrawing from the transaction, however, this just feels a whole lot worse, livelihoods and lives all at risk and a situation not seen for a generation.

“I’ve had agents tell me that buyers are trying to re-negotiate offers on the basis that they feel property prices can only reduce with a number trying to reduce offers by up to 5 per cent, not insignificant in the London market. “Purchasers have pulled out of transactions due to concerns over their employment and income position going forward.

“I was speaking to one agent where a couple have withdrawn from a purchase as one had been made redundant and the other is self-employed and I’d expect this to be repeated up and down the country. 

“The current climate does seem to be of major concern to a lot of people.”

Libra Financial Planning consultant Sebastian Reimann:

“Whilst we haven’t seen a mass exodus of buyers the uncertainty is creeping in. 

“A number of buyers have put their purchases on hold, no doubt revisiting the agreed prices once we see the impact of house prices in general. 

“And why not, prices could reduce significantly depending on the effect covid-19 has on the wider economy. 

“At least the current regulation protects those that have full mortgage offers in place, one of the significant improvements implemented over the past few years.”

Altura Mortgage Finance managing director Rob Gill:

“Clients are wanting to get on with things. 

“They’re concerned lenders may start struggling to progress applications as they instigate working from home procedures or lose staff to self-isolation.

“Given Altura’s proposition for expats I speak to contacts and clients in Hong Kong every day, and have done since the crisis started over there back in January. 

“They have remained remarkably stoic and optimistic throughout and seem to be through the worst. It’s heartening to hear how they have been able to carry on with things and are coming through it.

“Given Altura’s proposition for expats, I speak to contacts and clients in Hong Kong every day and have done since the crisis started over there back in January. 

“They have remained remarkably stoic and optimistic throughout and seem to be through the worst.

“It’s heartening to hear how they have been able to carry on with things and are coming through it.”

Xpress Mortgages director Rachel Lummis:

“I’ve had some clients that have said they want to crack on and apply to raise capital spurred on by the circumstances.

“On the other hand a client pulled out of raising capital for an extension saying it is too risky right now.

“In terms of staff, our brokers are all set up to work from home with laptops, access to the shared drive.

“The telephone system has an app we use on our mobile

“We have not yet had to ask our small office of five to work from home, but we are prepared for that.

“It is trickier for our administrators to work from home as they are very much office based and so plans are being made to accommodate working from home for all staff.”

Fairfield Financial Solutions director Ben Ramsay:

“We have had three new enquiries so far this week, a completion for a holiday let today in Norfolk, four telephone appointments tonight and applications being submitted as usual. 

“It is very much business as usual at my firm, just with the colleagues working from a variety of locations and finding fun ways to make sure we continue interacting.”

Middleton Finance principal Daniel Bailey:

“In the last two days four clients have had offers accepted on properties – two were first-time buyers an two were home movers. 

“I met a couple this morning outside in their garden and we kept six foot away at the meeting. 

“That was probably my last face-to-face meeting for a while.”

Ash-Ridge director Jane King:

“I have had no cancellations of appointments although I’ve been doing them by phone.

“There has been a lot of interest in income protection as clients come to terms with what sick pay looks like

“I’ve had several clients put offers on the table with estate agents and nobody has withdrawn from purchases. 

“It has been a case of keep calm and carry on.

“People still want to move house but it will be job security that dictates their current plans.”