Residential  

Property buyers look to capitalise on post-lockdown market

But while some clients look to capitalise on market conditions, confidence of prospective buyers elsewhere could take longer to return.

Martin Stewart, director at London Money, said confidence had been “severely damaged” by the coronavirus.

Likewise Carl Shave, director at Just Mortgage Brokers said while those in the industry would be looking for a “healthy return of activity”, a lot would “still very much depend on consumer confidence in regard to safety and financial security”.

Mr Stewart said he anticipated lenders would become more stringent when assessing potential borrowers. “I expect to see anyone on furlough having to provide written confirmation from the employer that they will be returning to work.”

Of businesses that responded to the Business Impact of Coronavirus Survey, 78 per cent of the workforce had been furloughed in businesses that had temporarily closed or paused trading, according to data for March 23 to April 5 from the Office for National Statistics.

Daniel White, managing director at Champion Hall & White, also said he would be “a little cautious of any new business being buoyant in the short term”.

chloe.cheung@ft.com