Lockdown in the Portsmouth housing market
The latest edition of our Portsmouth Property News bulletin is hot off the press:
THE word 'surreal' doesn't do it justice. Are we really locked down in our own homes while an invisible killer preys on our population?
Our thoughts are with everyone who has been affected by this dreadful disease or is worried at this unprecedented time.
Likewise, we share the frustration that many us must feel about this sudden interruption into daily life.
We are not operating under the illusion that anyone is thinking too hard about moving home or the state of the property market right now.
However, you may be interested to hear what we think the short, medium and long term effects of the virus might be.
During the lockdown we expect the national housing market to pretty much freeze.
Estate agencies rely on a chain of activity including viewings, surveys and non-householders mixing, which is infeasible during this time.
So we're not expecting you to see very much new stock on the portals.
When, eventually, normality resumes we expect to see a tidal wave of new stock coming onto the market.
Not only will a swell of springtime movers belatedly arrive in the market but more will come to take advantage of the historically low interest rates.