Property market heading for ‘Mexican standoff’ as buyers and sellers face ‘dire’ situation

Marc Von Grundherr from Benham & Reeves Estate Agent told BBC News that there were up to 450,000 people looking to move house in Britain prior to the COVID-19 outbreak. Mr Von Grundherr stated that buyers will be expecting the market to be “dire” and will make very low offers as a result. 

He said: “We still had enquires on Monday and Tuesday saying they wanted to move, can they see the videos, can they get ready.

“I think there is a huge number, 450,000 people looking to move.

“Some of those situations will have change but as things get back to normal, I think people need to move.

“It is not just that people want to move, they need to move, and I think those people will move.”

The estate agent continued: “There are obviously going to be problems and there is going to be an element of buyers thinking the market is dire and that things are really bad and making very low offers.

“I think you will end up with something like a Mexican standoff where sellers will not reduce in the way that buyers want, and buyers will not get the deals.

“There will be an element of standoff but within a couple of months, we will have hopefully returned to normality in the market.

“It is fantastic news that we are able to get and start showing again.”

At the time of writing, Britain has the fourth-highest number of COVID-19 cases in the world.

The UK has more than 225,000 cases in total at the time of writing. 

The death toll in Britain is currently higher than 32,000 people. 

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Worldwide there have been more than 4,300,000 COVID-19 cases.

The death toll has reached more than 290,000.

More than 1,600,000 people have recovered from the coronavirus across the globe.

The United States has the highest amount of COVID-19 cases in the world with more than 1,400,000 confirmed cases.

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