Fears of UK house price bust rise after summer sales boom

Predictions of sharp downturn next year are gaining ground among experts as outlook dims.

In April, with the UK in coronavirus lockdown and the property market frozen, estate agent Savills predicted that house prices would fall by 5 to 10 per cent in the short term.

The consensus among experts at the time was that the number of house sales would collapse.

And yet, just a few months later, the housing market is booming. House prices in the UK hit a record high last month, according to the building society Nationwide. A total of 84,910 transactions was registered in August, compared with 82,830 in February, the month before lockdown, data from HM Revenue & Customs showed.

By George Hammond, please read the full article at FT.com.