OBR downgrades housing market forecast: prices set to fall by 10%; transactions by 20%
"Low consumer confidence, the squeeze on real incomes, and the expectation of mortgage rate rises to come are expected to contribute to continued falls in house prices and a reduction in housing market activity," explains the Office for Budget Responsibility.
SDLT, Transactions, House Prices, Housebuilding & Net Additions: The latest OBR forecasts in five graphs
Property-related take-homes from the latest tranche of Budget-related economic data
Property transactions to plummet by 38% this year, predicts Knight Frank, but PCL prices are set to surge in 2021
Over half-a-million property sales will be "lost" due to the Coronavirus lockdown, predicts Knight Frank, but prices are likely to "recover sharply" once restrictions are lifted.
OBR revises housing market forecasts in light of Covid-19
Three scenarios for house prices and transactions volumes over the next five years have been presented by the Office for Budget Responsibility - an Upside, a Central, and a Downside.
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A slow start to the year continues in prime London.
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