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There Will be 124,000 Lost Property Sales in 2020 as a Result of The Lockdown

The property market is set to lose 124,000 sales in 2020, with a combined value of £27bn, as a result of the COVID-19 market suspension, according to the Hometrack UK House Price Index – June 2020.

But house price growth edges higher
UK house price inflation in the 12 months to June 2020 edged higher, up by 2.7%, the highest level of annual growth for almost two years, according to the report, which added that the post-election rebound boosted sales and activity during Q1, results of which are still feeding into the headline index.

The monthly UK growth rate has halved to 0.2% and city price indices are registering slower annual growth as a result of the lockdown. There is so far no evidence of any material, localised price falls across the index series at regional or city level. A small proportion of local areas are registering small month on month price falls of up to -0.2%.

Richard Donnell, director of research and insight at Hometrack, says: “Given current trends we do not expect the headline rate of annual growth to move into negative territory over 2020. A growing imbalance of supply and demand is set to support prices over 2020 and sales agreed today will be completing up until November. Any price falls in the headline UK Index are more likely in H1 2021.”

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