From Thursday , we will be in a second lockdown in the UK. It seems then the remainder of the year my be split into 2 parts for UK house prices.
- Lockdown November
One suspects the spike that has continued since the end of the first lockdown will end and prices will plateau or dip. There can only be virtual viewings and offers on properties will be difficult to make. Also there will be no completions as solicitors’ offices will close, save for those who work remotely. Likewise estate agent, values and mortgagees will no longer be working.
The month is a quiet month for property deals anyway. Therefore we predict no movement or a drop.
- Post lockdown December
The question is will there be another spike following the end the lockdown as we experienced last time? This author thinks not. This is because demand would only have been suppressed for one month in a period when activity is usually quiet anyway. Also the drive for outside space is less in the cold dark seasons. Also there is much more uncertainty about the economy and also whether more Covid waves are to come.
We predict that prices will continue dropping in December.
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