The lockdown period in the UK delayed property sales by 20%

Uncertainty, the possibility of an economic crisis, and fear of contagion were some of the reasons that caused the delay.

The lockdown period added 25.7 days to the amount of time a property stays on the market, delaying home sales by 20%, research by real estate agent Get Agent shows.

It took an average of 136 days to sell a home during March and June, compared to the same months last year.

“COVID-19 had an impact on wait times for property sales.”

Colby Short, CEO of “Get Agent!” said: “We are certainly seeing the impact of the housing market freeze in terms of transaction times.”

“The almost complete halt to any transaction in March, and the resulting stifled demand, has created enormous pressure on the ability of those whose job it is to bring sales to completion.”

“But the market has proven to be remarkably resilient, and we are now seeing efforts to simplify the process, for example, with the Land Registry accepting electronic signatures.”

“Hopefully we will soon see some of these transaction times return to normal.”

“Edinburgh was the most affected city by the delay.”

The biggest increase in home sales delays was in Edinburgh, where it took 103 days between March and June, compared to 72 days in the same period last year.

Similarly, there were big jumps in the time it took to sell in the EC London postal code, incorporating Shoreditch, City of London, Islington, and Camden. Homes in this region remained on the market for an average of 270 days, 34% more than the previous year.

Waiting times are expected to return to normal in the coming days. The property market has started to reactivate rapidly, and it is very likely that before the end of the year, things will return to normal.

Even though 2021 presents an uncertain outlook and some experts say that the property market could suffer a dangerous crash.

HICH LTD continues to work to offer the best property survey service, before, during, and after the pandemic; we have redoubled our efforts to maintain the quality standard that has made us a leading property survey company.

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