The simple answer is NO!
If you are in the process of buying a house DO NOT cancel your application – continue to progress it as far as you can.
This way when the housing market returns to normal you have a head start and can quickly move towards completion and moving.
Otherwise you risk being caught up in a huge race of people who have cancelled their applications and are all back at square one.
We are expecting a huge amount of movement in those first few weeks and it is likely that resources such as; lenders underwriters, valuers, solicitors and removal companies will all be stretched and delays will be the result.
In the worst case scenario it is also possible that this demand will push prices up, making a delay in the application process a costly one.
By maintaining your current application and progressing it as far as possible at this time will see you ahead of this crowd and not suffering from the issues we expect to see.