Thursday, Mar 26, 2020

Could house prices really plunge?

City AM: Zoopla: Coronavirus could send UK house prices plunging

UK house prices could plunge dramatically as the coronavirus outbreak causes demand to dry up, Zoopla has warned. The spread of Covid-19 is already having a big effect on the market, causing a 40 per cent drop in demand for housing in the seven days to 22 March, according to data from property website Zoopla.

Posted by jack c @ 11:29 AM (809 views)
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3 Comments

1. mombers said...

here's the url: https://www.cityam.com/uk-house-prices-set-to-fall-as-coronavirus-sends-purchases-plunging/

We've just sold our flat and have moved into a rental - being chain free certainly helped with the sale. I'm not holding my breath though. You'd think we'd lucked out and sold at the absolute peak but I think the government will once again through everything it can at keeping prices up. They'll certainly accept transactions just about drying up as a consequence of bailing out the market and people can just sit tight. It's still a viable option to just leave homes empty rather than crystalise a price, which is beyond disgusting morally but understandable almost

Thursday, March 26, 2020 04:02PM Report Comment
 

2. jack c said...

Good luck Mombers.

Lenders now dropping typically to 60% Loan to Valuation (LTV) and most valuers are grounded so the transaction levels will definitely grind to a halt short term.

Thursday, March 26, 2020 04:50PM Report Comment
 

3. crash bandicoot said...

House prices are only at the current levels because of a decade of low interest rates. It's apparent now that failing to let things settle back to the norm after 2008 has left the BoE et al with little in the way of response. Goodness knows where this will end up, but I think that sustaining house prices will not be the highest item on the agenda.

With the surprising sight of a Conservative government effectively paying workers and the self-employed not to work, who knows where this might end. It's commonly recognised that buying a house is outside the capability of most young people. Maybe there could be measures introduced which actually address this inequality.

Thursday, March 26, 2020 06:21PM Report Comment
 

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