Typical prices in the UK housing market will drop 12 per cent before long-term growth resumes in 2021 and beyond.
That’s the forecast from insurance giant Aviva which is even gloomier about commercial property, predicting a 15 per cent decline.
Aviva is one of the insurers operating business interruption policies and it says it faces paying out some £160m with regard to those and other Coronavirus-related policies.
Earlier this week the Financial Conduct Authority closed its call for details from individual business interruption claimants - applying to all insurers - as it prepared a legal test case over those firms refusing to honour BI policies.
Some agents are believed to have submitted their details for inclusions in the test case; progress on this is posted on a dedicated webpage set up by the FCA.
The long running saga of insurance firms failing to honour agents’...
New guidance has been issued in a bid to allow agents...
An agent is challenging the insurer Hiscox over its interpretation of...
There's good news for thousands of estate agencies awaiting pay outs under...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
Err where exactly is the evidence for a 12% drop, From what I can see vendors are saying if we don't get the price then we won't sell until better times or rent it out for a while, the builders have already claimed they have lost 35% of their production for the year, only adding to a shortage of supply and putting a floor under the market.
I doubt this very much. The prices will go up as they always do due to inflation. The actual value of a property is based on salary available to spend, market supply of property and all the rest of it. If BTL is involved the rents achievable versus the costs of good/poor tenants are another factor. 2021 isn't very far away so a 12% drop right now is hardly a problem unless you are forced to sell.
Please login to comment