Warning signs are flashing red for the property market, as key indicators suggest house prices could plunge by more than 6pc. Property values could even start to fall before the stamp duty holiday comes to an end on March 31, experts have warned. The return of the tax is expected to accelerate the slump andContinue reading “Falling house prices and forced sales fears: five reasons why the property market is in a tailspin”
Property asking prices have dipped as home sellers scramble to agree deals before the end of the stamp duty holiday, new figures suggest. Rightmove said prices for flats and houses advertised between 6 December and 9 January were down 0.9% on the previous month. Rightmove reported that the market was still busy, with the numberContinue reading “House prices dip as sellers race to agree deals before end of stamp duty holiday”
LONDON (Reuters) – Asking prices for British houses edged down in November as sellers sought to offload their properties ahead of the expiry in March of a tax break, according to a survey published on Monday by property website Rightmove.
U.K. real estate agents see the housing market cooling significantly next year as pent-up lockdown demand and a tax break come to an end.
The latest house price data suggests that many people who do not yet own property will not do so for quite some time. The cost of the typical UK home has risen to more than £250,000 for the first time, according to Halifax.
Bars are closing. Restaurants are seeing bookings cancelled. Retailers are worried about the impact of tightened Covid-19 restrictions on their businesses in the run-up to the crucial period. Everywhere there are signs of an economy rapidly losing momentum after its summer growth spurt.
Buyers risk missing the Help to Buy and stamp duty deadlines. Nearly one in four agreed sales has collapsed so far this month.
The unprecedented economic conditions, owing to the coronavirus pandemic, and a messy Brexit has created unusual circumstances in the UK housing market. The real estate prices are high, and mortgage applications have spiked up, while the approval rate of mortgages has drastically gone down.
For a moment, it seemed as if the UK real estate sector was experiencing a boom in the weeks after the covid lockdown ended. Despite the steepest drop in GDP in the country’s history, the increased demand brought about by months of inactivity in the sector led to a rise in house prices.
Exiting the game According to a recent poll by YouGov, a global public opinion and data company for the National Residential Landlords Association, nine per cent of landlords said they were planning to exit the market altogether. While seven per cent said that over the next one year, they would sell some of their rentalContinue reading “Are buy-to-let investors fleeing the UK property market?”