Property transactions figures “like a rear-view mirror to life before covid-19” – comment

Neil Knight, business development director for Spicerhaart Part-Exchange & Assisted Move, said: “There is an other-worldly quality to the February transactions figures. It’s like a rear-view mirror to how life was before covid-19 struck.

“The 4.5% monthly increase, putting residential transactions up 6% on the same time last year – following on from similarly encouraging figures for January – shows that demand can recover quickly once uncertainty is removed.

“It’s too early to say exactly what impact the coronavirus lockdown will have. We now have our teams working remotely to ensure there is minimal impact on clients. With people already cancelling planned moves, there can be little doubt, though, that these figures will look starkly different in the months to come.

“The demand is still there and, with the powerful measures being taken to protect jobs and incomes, can be expected to recover strongly once the coronavirus emergency passes, just as it has rebounded since December’s general election. The industry needs to do what it can to weather the storm, and ensure that it is in as strong a position as possible to respond to that demand when the time comes.”