It’s a question a lot of would-be property sellers are asking themselves – should I keep my home listed if I’m not able to have anyone round to see it?
Government advice is clear – nobody should be welcoming visitors into their homes at the current time, and that includes estate agents and potential buyers of their properties.
But there is nothing stopping those who put their properties up for sale before the implementation of strict social distancing measures from continuing to advertise them.
And there are compelling reasons for maintaining your listing, as OnTheMarket considers here.
Properties staying on the market during coronavirus lockdown
There is no doubt stock levels are down across the UK property market because of the coronavirus lockdown.
According to property search database home.co.uk, the total stock of property for sale in England and Wales was 13 per cent lower last month than it was in March 2019.
But anecdotal evidence suggests the vast majority of this drop is explained by an inevitable dip in the number of new properties being listed.
Many estate agents are finding existing sellers are keeping their properties on the market in the hope there are still potential buyers out there viewing their homes online.
Alex Davies is the Managing Director of Estate Agency at Hobbs Parker in Kent.
He told OnTheMarket: “Our advice is that sellers should keep their properties listed. It’s worthwhile because a lot of would-be buyers are spending a lot of time online at the moment.
“There is a lot of evidence to say buyers are bookmarking properties in which they might be interested.”
Shift in sentiment since the coronavirus lockdown started
The rigorous social distancing measures enforced on 24 March are unlikely to be lifted in the immediate term.
But the thinking of potential property buyers has shifted in the last couple of weeks, according to Alex Davies.
He said: “People are digesting that the lockdown is not going to go on forever, which wasn’t so two weeks ago.
“They are arranging viewings not for right now but for when we can hold them hopefully in a few weeks’ time.
“People are still browsing portals, finding our properties and asking us to keep them informed, which is becoming quite a familiar pattern.
“They are building up an appetite to view properties when restrictions allow.”
Mr. Davies was able to reassure one potential seller of a property on the market at £1.45 million that there is interest building.
“He asked me ‘is it sensible to keep it on the market?’ and I was able to say that we have four people who are listed on our system as wanting to view the property when restrictions are lifted.
“That is not far from where we would normally be.”
Chance during coronavirus lockdown to get your property ready for sale
The extra time at home that the majority of would-be sellers currently have is an opportunity to prepare for a potential sale, according to Mark Hayward.
The Chief Executive of estate agents’ professional body NAEA Propertymark, said: “Don’t get disheartened and keep it on the market.
“You have got an opportunity now to get all the information together that a lawyer will want to see once you get a sale.
“You want to get your property not just market ready but sale ready, ensuring that the presentation is the very best it can be, for example sorting out the garden and de-cluttering inside.
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“Agents are still working remotely and they have the luxury of being able to spend more time talking to buyers and sellers. They are working very hard to deliver.”
Having paid for an energy performance certificate, had your property photographed and floor plans created, there are no extra costs to keeping a home listed for sale.
As Mr. Hayward added “you’ve done all the hard work getting it there.”
Buyers more forgiving of longer listings because of coronavirus lockdown
In normal times, properties which linger for an extended period on the market could be penalised by would-be buyers suspicious as to why they haven’t sold.
But that is much less likely to be the case given the current context, with buyers set to be more sympathetic to homes which haven’t shifted.
Virtual viewings during coronavirus lockdown
Many estate agents were marketing their properties using virtual viewings before the coronavirus pandemic hit the UK.
But viewing a home from the safety of your armchair has never been so attractive to would-be renters and buyers.
And even if sales without physical viewings are not common, many agents are using the tours as great marketing tools to whet the appetite of would-be buyers.
Market ‘ready to bounce back’ after coronavirus lockdown
Much of the demand to move house built up during Brexit negotiations, and beginning to be released after the election of a majority government in December, remains unsatisfied.
Philip Norgan is Sales and Lettings Manager at Martin Kemps in Oxfordshire and Buckinghamshire.
He told OnTheMarket: “I would say to potential sellers, leave it on. I think the property market is going to bounce back very quickly, I really do.”
Mr Norgan is confident prices will remain stable in the areas where Martin Kemps operate.
He said: “I don’t think there will be an across-the-board drop in prices – maybe in certain hotspots but where we are we have had stability in pricing for two to two-and-a-half years.
“People are still wanting to move and they’re still out there looking for properties. We take a very positive approach.”
Lowered expectations on sales and rents because of coronavirus lockdown
The Royal Institute of Chartered Surveryors (RICS) has sounded a note of caution. The professional body of surveyors’ latest monthly Residential Market Survey saw a net balance of -74 per cent of respondents reporting a fall in buyer demand during March.
Sales expectations for the next three months are also far from positive, with a net balance of -92 per cent of respondents expecting a fall in buyer demand.
But for the next 12 months sales expectations are less downbeat, with -42 per cent of contributors expecting sales to be down over the next year.
And the RICS expects rents to stagnate in the next 12 months rather than fall, before average annual growth of 2.5 per cent is expected through to 2025.
OnTheMarket has a dedicated page for coronavirus information and advice.
