The housing market was halted on Thursday night by the Government after financial institutions said they could no longer operate properly.
The Telegraph reports that ministers are discouraging buyers from going ahead with house sales and purchases unless they have already exchanged contracts as part of wider efforts to slow the spread of the coronavirus, saying no one should move unless absolutely necessary.
Aaron Strutt of Trinity Financial, a mortgage broker, told The Telegraph that even those who had agreed mortgage terms faced major problems. “We can get mortgages agreed and applications submitted, but we cannot confirm exactly when they will be offered.”
He added: “Now that estate agents are closing, removal firms are shutting and valuers are not working, the market will significantly slow down.”