People who’ve been planning to buy or sell a property expect to suspend their plans for five months on average, research by online mortgage broker Trussle found.
While the government discouraged buyers and sellers from moving house in late March, half (49%) of those who planned to buy had already stopped looking due to COVID-19.
Ian Larkin, chief executive of Trussle, said: “The coronavirus pandemic has not only had a huge impact on the economy, but also on everyday life in the UK.
“Just last month, it would have been nearly impossible to contemplate the scale of the lockdown and its economic impact. We’re now feeling the effects in the housing market and it’s difficult to predict how long it will take for transactions to return to pre-crisis levels.
“With the government’s latest plea discouraging buyers from moving house, It’s entirely understandable that people are putting off their housing plans.”
One in six homeowners (16%) are currently thinking about remortgaging in the near-term despite the disruption.
This post has originally been featured in Property Wire.