Alvarado outlines that he has seen people pulling out of deals because of the stock market collapse.
The impact of Coronavirus is widespread across every industry from the stock market to retail and property, according to Patrick Alvarado, director of Van Patrick.
Alvarado outlines that he has seen people pulling out of deals because of the stock market collapse.
He points to a deal involving one large penthouse that was lined up to be sold for £50m, however, the buyer pulled out at the last minute, as on paper he had made a substantial loss due to the Coronavirus.
Furthermore, Alvarado outlines that viewings have “dried up over the past week”. He added that currently deals under offer are still getting over the line.
Alvarado said: “We exchanged on a £1.5m flat in Cranley Gardens on Thursday and sold another on Brompton Road on Friday, which has been on the market for three years, at the asking price.
“If it wasn’t for the virus, we would all be saying we expect a busy year, particularly with the 2% stamp duty surcharge coming in for non-UK purchasers from April 2021.”
