House prices this spring expected to be strong despite Coronavirus
12 March 2020
By Daisy Stephens
The housing market in England and Wales is currently on course for a spring surge.
Annual house price growth is expected to average at 6.4% between now and May, with monthly growth averaging at 5.9% over the same time period.
As homebuyers register for quotes with us typically twelve weeks before their purchase completes, we’re is able to provide a three-month property price forecast based on the purchase price agreed. The forecast shows that at present, despite the uncertainty surrounding Coronavirus and the knock-on economic impacts, people are still intending to complete their property transactions. Whether or not buyers will get nervous before completion and withdraw from those sales, or whether the projected price rise will materialise, remains to be seen.
The price rise is projected in all 12 regions of the UK, with particularly strong growth for Wales (18.6%), Yorkshire & Humber (12.6%) and the North West (6.7%). The region with the smallest projected increase is the East Midlands, which expects to see a rise of 0.4%.
Rob Houghton, CEO of reallymoving, comments:
“Buyers returned to the market in their droves in the New Year and this activity has clearly translated through to higher house prices across the country between March and May, but now we are facing another potentially prolonged period of uncertainty due to the deepening Coronavirus crisis.
“The current situation is unprecedented but we know from past events such as the global financial crisis in 2008 that when people were worried about their jobs and their pensions, they tend to withdraw from making big financial decisions and avoid taking on new debt. It’s too early to say the extent to which the property market will be affected, but at the moment consumers seem determined to complete their property purchases which is pushing up the forecasted average price.”
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