Coronavirus property lockdown: estate agents warn of tough trading ahead as Government puts market on hold

The pandemic is expected to have a significant impact on property transactions as agents outline cost-saving plans.

Daniel Lynch

Joanna Hodgson30 March 2020

Estate agents Purplebricks, LSL and Belvoir today all warned of tough trading ahead, with the Government’s lockdown effectively putting the housing market on hold.

Buyers and renters were last week told by the Government they should, where possible, delay moving while measures are in place to fight coronavirus.

Physical viewings are also off the cards.

Online agent Purplebricks had seen weaker activity as restrictions came in place, and said, following the latest update, it anticipates a “further negative impact on instruction and completion volumes”.

It cautioned revenues for the year to April will be below expectations.

LSL, which is behind brands such as Marsh & Parsons, said the rapidly developing virus situation means it can no longer provide financial guidance for 2020.

Belvoir said the virus is expected to have a significant impact on trading this year.

All three firms outlined cost-saving plans.