HMRC reported just over 38,000 completed transactions in April 2020, the lowest number since they started keeping track in 2005, lower than even during the 2008 financial crisis. The number represents a decrease of more than 50% compared to April 2019.
The housing market was temporarily deserted for obvious reasons from mid-March, as the Coronavirus pandemic got out of hand and lockdown restrictions were enacted on 23 March. Since then, the government has started to gradually loosen the restrictions, and with it brought the choked down property market a little bit closer to life.
Further lifting of lockdown measures would help the property market flourish again, and both buyers and sellers should beware that this pent-up market might go through a bit of a boom once the market opens up again. Now would be a good time to keep an eye out for interesting, promising property investments, as prices are falling, and sellers are eager to strike a deal at bargain prices.