Recent numbers show, that in the UK, property sales have dropped by 70% since the stay-at-home orders were put in place. Conversely, sales are still taking place, just at a lesser rate.
And interestingly enough, Zoopla has reported that sellers are keeping their listings up even if there is no promise of cinching a sale.
The property portal goes on to explain that sales per estate agent, are only 1% lower than the month prior. There is no reason to pull a listing off of the market right now. Especially not when there's been an uptick in users browsing listings while they're stuck inside, as property portals turn to virtual tours and boredom sets in.
Sellers are letting their listings sit, biding time until the market picks itself back up again.
Zoopla supports this even if there are less transactions being made. The company is going by the idea that it's better for people to obey the shelter-in-place orders than risk their health by conducting business in person.
Recently, Zoopla entered an agreement with three major agents to offer fee-free services for the next five months while Rightmove's discounted agreement is coming to an end. Purplebricks is offering everything online through its platform.
UK's numerous property portals are continuing to churn out services that consumers can reap the benefits from. The market might be in crisis, but maybe the wait-and-see approach Zoopla is suggesting is the most beneficial in the long-term.