UK house prices11 Jun 2020 09:43
crash to 10-year low.....
UK house prices fell to their lowest level in a decade in May, as the coronavirus lockdown continued to batter the housing market.
A survey from the Royal Institution of Chartered Surveyors (Rics) released today showed that UK house prices slumped to a net balance of minus 32 per cent in May, marking the lowest prices since 2010.
This deepened April’s low of minus 22 per cent, as the housing market froze following the closure of estate agents and the banning of house viewings.
As the UK entered lockdown in March, buyers and sellers were told to delay any sales and cancel viewings. Lenders were told to divert resources to deal with requests for payment holidays.
But there are signs of recovery on the horizon as estate agents begin to reopen.
Rics forecast house prices to gain momentum over the next 12 months, as new buyer enquiries recovered from a record low of minus 94 per cent in April to minus 5 per cent last month. Near-term sales expectations are now broadly flat, Rics said.
What the experts say
Rics chief economist Simon Rubinsohn said house sales that had been put on hold during the lockdown were now largely going through.
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