Satterley Property Group CEO Nigel Satterley estimates that its sales volumes have fallen by 80% due to the COVID-19 pandemic. He also claims that around one-third of purchasers have cancelled their contracts prior to settlement, with the majority of cancellations due to “changes in circumstances” including loss or reduction in employment:
“We’ve been looking at our forward settlement book for April, May, June and July and are trying to manage the problem [of cancellations] as best as we can,” [Slattery] said…
“We’re working hard to try to help people. In some cases we’re allowing them to swap their existing block for a smaller [more affordable] one and swap the house as well, to lower the mortgage”…
The full text of this article is available to MacroBusiness subscribers
