Following the introduction of its interactive dashboard to track market performance during the COVID-19 lockdown, estate agent comparison side GetAgent.co.uk has revealed that Woking is the worst affected area in the UK so far.
The Woking property market has seen a reduction from 337 total property listings in just over a month prior to the countrywide lockdown, to a total of just 18 new listings, a reduction of 95%.
Other areas of the UK to see dramatic reductions in property stock hitting the market are East Renfrewshire, East Dunbartonshire and Three Rivers, all dropping by 94%, and Ely (93%).
Hillingdon and Bromley were the hardest hit of the London boroughs, both with a drop of 91%.
On the more positive end of the spectrum, West Lancashire (26%), Greenwich (29%), Blaenau Gwent (31%), Guildford (45%), Monmouthshire (47%) and Liverpool (47%) have all seen reductions of less than 50%.
Colby Short, founder and CEO of GetAgent.co.uk, said: “The varied list of areas to have seen both some of the highest and lowest levels of listing decline demonstrates the varied makeup of the UK market, as well as the erratic impact the spread of the coronavirus is having on home seller sentiment.
“In some areas, such as Woking, the market has pretty much dropped off a cliff since the lockdown was implemented, whereas other areas have seen a decline but continue to register more robust levels of new listings.
“This is certainly due to influences such as a high concentration of new-builds, with many developers having to keep selling due to the fact that they have money tied into developments and interest repayments to make.
“Many new build developers also have the benefit of selling empty properties, which makes social distancing measures easier, while many new build buyers, particularly those from overseas are happier to transact based on a virtual viewing.”