Financial Times - UK property demand plunges as virus takes hold
The level of demand from UK property buyers dropped by two-fifths last week, according to research that predicts a decline of 60% in the number of sales over the next three months in the wake of the coronavirus pandemic.
Aaron Strutt, product director at broker Trinity Financial, told the Financial Times some of the largest mortgage processing centres operated by lenders had closed but staff were struggling to agree and process mortgage applications often worth millions of pounds from home.
He said: “The lenders were initially caught out by the Bank of England cutting the base rate to its lowest ever level, but the movement restrictions and the ability for valuers to visit properties has made things extremely difficult.”
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