THE housing market has been frozen but will recover, estate agents have reassured buyers and sellers.

Agents have seen a pause in the market as the country continues to battle coronavirus. Directors at firms say buyers and sellers are positive and there’s still an appetite for the sale of property.

Mike Gray, 59, managing director of Dedman Gray in Southend, said: “Our offices are now closed and the teams have been working from home to ensure enquiries are answered.

“The biggest challenge for us was the completions of sale that have been happening but these all took place prior to last week.

“We are considering delaying the others that are scheduled. Last Wednesday, March 25, we held our second auction of the year and the traditional auction room could not happen, so it was held for telephone bidders only.

“We sold 12 lots that day and it shows signs of interest in the market. In the next few weeks enquiries for property will reduce dramatically and we are not making arrangements for viewings to take place over next few weeks.

“The market is on hold and being watched. A medium term view is that activity will be down to a minimum but it will pick up where we left off when time is right.

“It should be remembered that interest rates are so low, and could even be the lowest on record, and this will play a big part in re-engaging the market in the coming months.”

Colin MacLean, director of Amos Estate Agents in Hadleigh, Hockley and Rayleigh, said his firm has not seen a rise in buyers pulling out of their agreements.

He said: “In the short term its difficult but we have been able to move our key staff to work from home.

“The market has frozen and we are not having any exchanges or viewings but people are keeping faith and it’s just postponed for the moment.

“It’s just a waiting game and we like other agents are still busy with the 600 properties we manage. Long term it does depend on the financial forecasts.

“We are also not seeing established offers going down. I think some lenders have pulled their rates and that’s to be expected and a sensible option.”

Mr MacLean said buyers and sellers are feeling calm and he expected more of a tremor and people pulling out more.

The BBC reported how on Tuesday, Nationwide – one of the UK’s biggest lenders – effectively pulled out of new deals.

Others are doing the same as the home mortgage market goes into lockdown amid the pandemic.

Nationwide will now only offer home loans to those with 25 per cent equity or more.

The government has urged people not to move house to try to limit the spread of coronavirus across the UK.

Buyers and renters should delay moving while emergency stay-at-home measures are in place, it said.