Property Prices Fall in London: What Does it Mean

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Property experts are predicting house prices to fall because of the coronavirus outbreak, and this year could see half as many house sales as the previous year.

It is very frustrating, as just before the corona lockdown started, the number of sales across the whole of the UK was up 11% compared to the previous year.

This has come at a time when the government has said that homebuyers “should, where possible, delay moving to a new house while measures are in place to fight coronavirus.”

Sellers can continue to advertise their properties, but they have been warned that they should not allow visitors to enter their property for viewings.

Experts are reporting that a total of around 350,000 property transactions, worth around £82bn, are on hold at the moment.

Top property experts ad real estates are estimating a 3% dip across the whole of the UK, and a 2% dip here in London.

The economy is shrinking because of coronavirus, and we have to be careful in how we navigate this low period if we are to come out strong.

The same people making these predictions are also looking optimistically towards the future.

They are saying that despite the minor dip in the economy at the moment, most of the analysts are saying that they believe the housing market could make a strong recovery by 2021.

For London property prices, this could equate to a rise of between 3% and 6% which will totally negate the dip that has been felt due to the coronavirus.

If you are struggling during this tricky time, there is a lot of help and support out there, so make sure you look into government schemes as well aid that is being offered for renters and home owners.