Sellers expect UK house prices to drop because of Covid-19

A grim forecast
Will your home be worth less in 12 months’ time? Two in five sellers think so, according to a YouGov poll, and they expect the coronavirus pandemic will wipe £7,750 on average off the price of their property.

This would represent a 3 per cent drop in the UK average house price and it makes the man on the street more optimistic than economists at the Centre for Economics and Business Research, who predict a fall of 8.7 per cent, and researchers at the estate agency Knight Frank, which says prices will plummet 7 per cent.

While sellers have an obvious incentive to hold on to the value of their home, buyer forecasts are similar: they expect to be able to save £7,200 on the price of a property by the end of the year.

By Melissa York, Emanuele Midolo and Victoria Brzezinski, please read the full article at The Times.

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