COVID-19 hits UK property market in March
March’s property market data from the Agency Express Property Activity Index, has as anticipated revealed a substantial slowdown in activity across the UK, midst the COVID-19 outbreak.
National month on month figures for new listings ‘For Sale’ fall to -16.1%. Figures for properties ‘Sold’ also fell to -15.8%.
The Property Activity Index’s archives also reported that this month’s activity is the slowest on record for March, but the data is heavily affected by suspension of services.
Yorkshire and Humberside reported the smallest decline at -9%. The largest declines were reported in Wales.
Commenting on the latest index results, Stephen Watson, Chairman of Agency Express said:
March’s data from the Agency Express Property Activity Index, has as expected returned significant declines. This is partly due to the natural slowdown that occurred as COVID-19 virus gained momentum. However, towards the latter end of the month our figures are heavily affected by our suspension of services. So, on this basis is it hard for us to give a true reflection of this month’s activity. Moving forwards, as anticipated, we don’t expect to see any immediate changes or growth and our figures will be heavily impacted by the suspension of services for the fourth coming month