Ray Boulger of John Charcol (mortgage broker) is currently warning that house prices are likely to fall by 10 percent over the rest of this year due to the virus crisis.
They’ve been quoted as saying that March is likely to be the peak of house prices for the year across the UK.
It’s not just because of economic uncertainty, but also the “practical problems of surveyors visiting homes to prepare a mortgage valuation”. This will have knock on effects as many people who had planned to move this year are likely to delay and it will become difficult to put property chains together.
Interestingly, Charcol are also suggesting that this could be good for first time buyers due to the inability to put together more complex buying chains. This will put them in a great positions when they decide the time is right to buy.