Rising unemployment is toxic for the property market and low interest rates may not be enough
Wide range of forecasts as market cautiously reopens after coronavirus shutdown
Average property prices fell by 0.6% between March and April, Halifax’s House Price Index has revealed.
Prices averaged £238,511 in April, after mortgage approvals fell by 24% between February and April.
Annual growth still stands at 2.7%.
But Savills predicts economy and property market will recover quickly and return to pre-Coronavirus levels next year.
As agents close their doors due to the lockdown, the spread of the virus across the UK has led to a near standstill of the housing market. The March 2020 RICS UK Residential Market Survey results highlight that despite the first few months of the year showing a marked pick-up in market activity, this month will have a significant impact on the outlook for the rest of the year.
Newly released research and analysis from lending platform, Sourced Capital, reveals that the UK property market could potentially see a double-digit rate of property value decline, with the market taking over five years to recover.
In the past decade Harlow in Essex has recorded the highest house price growth, CashLady analysis of Land Registry data has found.
The latest data and analysis from the Office for National Statistics has revealed that low rates in the housing market have helped to improve the affordability of homes in the UK.
House prices will fall due to fallout from the COVID-19 pandemic, according to some experts.
Ray Boulger, senior technical manager of broker John Charcol, predicted house prices to tumble by 10% over the next three months.
Homeowners who see their homes fall in value need to keep some perspective, given that prices tend to recover from short-term dips, Sarah Coles, personal finance analyst at Hargreaves Lansdown, said.
Hong Kong, Singapore and Osaka have just been ranked as the world's most expensive cities to live in.
Manchester leads the way, as JLL’s regional forecast highlights rapid growth in the regions over the next five years, as the economy is rebalanced away from London.
House prices rose by 0.3% month-on-month in February, down on January – but trend still strong.
Households in the wealthiest area of England and Wales have an average disposable income four times that of the poorest, according to Office for National Statistics estimates.
Bank says Brexit worries are no longer holding back sales but virus could hit property market
The latest figures released by Nationwide have shown that life is returning back to the market post-Brexit with annual house price growth edging up to 2.3%, the strongest rate for 18 months.
Land Registry figures show annualised increase of 2.2% in December
‘Boris bounce’ invigorates buyers and sellers, leading to 12% surge in sales
Designs on Property tracks and summarises the property indices. Kate Faulkner says, “The shock statistic is that for the first time in a long time, property price growth over the last 12 years is way below the inflation rate, which property normally beats.”
The latest analysis and research from Principality has revealed that, despite a drop in overall sales during 2019, Wales is continuing to experience house price growth as the average price across the country hits £193,254.
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