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NickCJ
ChasnotRobert
I think @Señor_Bear made a fair point that sellers are not generally known for turning down higher offers which come in at the last minute in overheating markets.
Mostly, I'm glad that I don't need to buy or sell a house right now so I do feel for people on both sides of transactions at the moment.
However, to me it's really clear that the world has massively changed in the last 4 weeks. And to expect things that were negotiated before we got to this point to proceed without any adjustment seems unrealistic. I fully appreciate that the way this adjustment has been approached in the original post is pretty shitty, and deserves a similar response.
On the supply drying up; I don't see any reason why supply side will be worse affected than demand. Economic damage will be massive. Many people won't have jobs. Money will be scarce.
Home owners who have been prevented from moving will want to move when things get "back to normal". Will there still be enough wealth at the bottom of the chain?
We don't know but my guess will be it will take a hit.