Home sellers and buyers undeterred by Coronavirus

Jake Carter

March 5, 2020

Home sellers and buyers remain undeterred by Coronavirus, according to data collected by Benham and Reeves.

The research shows that 83% of home buyers and sellers will not put off a purchase or sale this year due to Coronavirus.

Less than one in 10, 9%, said that they were in the process of buying or selling and have now stopped due to the virus outbreak.

An additional 9% of individuals were planning to make a purchase or sale this year and have now put their plans on hold due to the virus.

On the understanding that the virus could become a more serious threat, 69% of people said that it would still not prevent them from buying or selling.

Looking back to the flu pandemic between March 2009 and August 2010, UK house prices rose by 12.3%, and 17.5% in London.

Marc von Grundherr, director Benham and Reeves, said: “We’ve just endured a very prolonged period of market uncertainty that caused many home buyers and sellers to adopt a ‘sit tight and see’ mentality.

“However, since the end of last year, they have returned in abundance and the market has well and truly sprung back to life.

“It would seem that having sat on the sideline for such a long time, and while the threat of the Coronavirus remains at arm’s length for many, the mere suggestion that a global pandemic would now stop them from buying or selling is completely out of the question.

“Growth during previous pandemics suggests that house prices will also remain unaffected and while we may see a stutter in foreign investment from areas to have been worst hit, domestically we will soldier on and won’t let it dent our aspirations of homeownership.”

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