Estate agents are being urged to do all they can to protect the market during the lockdown and social distancing periods.
Adrian Goslett, regional director and chief executive of Re/Max, says the housing market will “take a knock over this time”, especially because the Deeds Offices will be closed and property transfers delayed until they reopen.
“Many buyers will also be reluctant to sign an offer to purchase without ever seeing the home in person,” he says.
To minimise the downsides Goslett suggests agents:
◆ Follow up with clients, via virtual tours, for example, and try to line up as many sales as possible so they can hit the ground running as soon as the lockdown period is over.
◆ To protect buyers who purchase homes over this time, agents can draft offers to purchase with a suspensive condition that stipulates the sale will go ahead only once the home has passed a physical inspection, which can be conducted once the lockdown has been lifted.