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UK HPI shows marginal decline due to industry lockdown

May 22, 2020 Visit Europe No Comments Email Email

Director of estate agent Barrow and Forrester, James Forrester, commented:

“Much like dealing with the pandemic itself, we need to approach any and all reporting on property market performance with caution over the next couple of months.

While it provides the most concrete look at the market, these latest figures only show the tip of the iceberg where any lockdown market lethargy is concerned and it will be a few months yet until we know the full story.

The good news is, of course, that the market is back open for business and although there will be a transitional period, it should help avoid house prices from flatlining.”

Marc von Grundherr, director of London lettings and estate agent, Benham and Reeves, commented: 

“A sign of things to come with a marginal monthly decline but there’s a good chance we will see further grey clouds form over UK house price growth as the full extent of a property market lockdown becomes apparent.

We expect that this decline will be most notable in London due to the higher price of buying leading to a more prolonged period of hesitation despite an ease in lockdown restrictions.

However, the strong growth seen at the start of the year and annually has provided a strong foundation on which the market can bounce back and fears of a market crash should now move to the back of our minds. Although, only time will tell, of course.”

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