Property Market News
UK house prices likely to drop 13% this year as incomes tumble, predict economists
A looming "shortfall in incomes has a tremendous potential to disrupt the UK’s housing markets", warns the Centre for Economics & Business Research.
RICS calls for Stamp Duty holiday as surveyors anticipate property market freefall
"These are exceptional circumstances," warn surveyors, "and the Government will need to consider all avenues that could feasibly rebuild confidence, bridging the gap between uncertainty and recovery.
London’s super-prime market ‘changes direction’ as sales slow from a surge to a trickle
A flurry of £10m+ transactions in Q1 has been brought to an abrupt halt by Covid-19, reports Knight Frank, although "buyer interest remains strong pending the market reopening".
Prime London’s property market was surging before the lockdown
Prime Central London saw its fastest quarterly rate of property price inflation in five years in Q1, before the Coronavirus hit.
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.
Mortgage market could be frozen as lenders pull products
Banks & Government said to be in talks about pausing or adapting the mortgage market in light of the Coronavirus lockdown.
Property transactions are likely to plunge by 60%, warns Zoopla
The property market "has not ground to a complete standstill" yet, says Zoopla, but demand is drying up, fall-throughs are escalating - and deal numbers are likely to sink dramatically in the coming months.
Prime London’s property market recovery has been ‘paused’
The annual rate of property price inflation in prime London turned positive for the first time since 2015 in Q1, says Savills. But the Coronavirus pandemic has put a stop to the burgeoning market recovery.
Average UK and London property prices dipped by 1.1% in January – UK HPI
Official pre-virus data indicates that the annual rate of UK property price inflation fell from +1.7% in December to +1.3% in January.
Assessing the impact of Covid-19 on Asia’s residential property markets
China's property market flatlined as a result of the Coronavirus lockdown, but there are already signs of recovery, says Knight Frank.
Rental price inflation triples as the North-South divide widens
The average GB rent climbed by 3.3% in the year to March, says Hamptons - three times the pace seen in the previous 12 months.
Lucian Cook on what Covid-19 might mean for the property market
The Coronavirus pandemic is likely to cause "a hiatus in the UK housing market, without necessarily affecting longer term prospects," says Savills' research chief.