Estate agents fear virus could hit housing market

A steep drop in property viewings has put thousands of estate agents at risk as coronavirus threatens to choke the housing market recovery, according to industry warnings. Mark Hayward, managing director of the National Association of Estate Agents, gave a bleak assessment of the rapidly deteriorating situation. “We’ve seen a marked reduction in viewings and enquiries, particularly in the last 10 days, with quite a rapid slowdown,” he said. Mr Hayward added: “Cash-flow is critical. If [estate agents] have been experiencing a tough time, and times toughen even further, there may well be some casualties.” Anecdotal evidence suggests viewings have dropped by over 50%. The sudden drop in interest is expected to crush the recovery in the housing market since the general election.

The Sunday Telegraph (15/03/2020)