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Marching On

Marching On

09.04.20

Property prices were stable in March, but with market activity falling drastically thanks to the coronavirus outbreak, it remains to be seen if they hold up.

February 2020 saw a record high for house prices at an average of £240,461 according to lender Halifax.

Meanwhile, the typical value was £240,384 in March, according to its index - meaning prices were at a standstill last month. 

Property values are up 3 per cent when compared to the same time last year, highlighting that the market was continuing to show signs of improvement. 

Property prices were stable in March, but with market activity falling drastically thanks to the coronavirus outbreak, it remains to be seen if they hold up.

February 2020 saw a record high for house prices at an average of £240,461 according to lender Halifax.

Meanwhile, the typical value was £240,384 in March, according to its index - meaning prices were at a standstill last month. 

Property values are up 3 per cent when compared to the same time last year, highlighting that the market was continuing to show signs of improvement. 

Halifax's report followed Nationwide's house price index earlier this month which reflected the same sentiments, showing that although property prices were up 3 per cent in March, the market has come to a grinding halt.

This is partly thanks to nearly a third of all mortgage deals now being pulled from the market in response to the coronavirus.

Estate agents have also been forced to close and property viewings and moves are either being cancelled or postponed indefinitely.

Jeremy Leaf, north London estate agent and a former Rics residential chairman, said: 'These figures look like the calm before the storm. 

'They still show a relatively resilient market, probably reflecting a good start to the month and a weak finish.' 

He adds: 'But after recording the fastest rise in values in almost a year in February, numbers have returned to more modest levels.

'Certainly, on the ground, social distancing has wiped out most market activity although encouragingly online viewing and interest in property videos has held up well. 

'Most potential buyers and sellers are putting moves on hold, biding their time and will check on market movements in the hope that they can return in the not-too-distant future.'

Recent reports from property listing firms, Rightmove, Zoopla and OnTheMarket, Rics estate agents and mortgage lenders brokers suggested a pick-up in the property market over recent months.

He adds: 'But after recording the fastest rise in values in almost a year in February, numbers have returned to more modest levels.

'Certainly, on the ground, social distancing has wiped out most market activity although encouragingly online viewing and interest in property videos has held up well. 

'Most potential buyers and sellers are putting moves on hold, biding their time and will check on market movements in the hope that they can return in the not-too-distant future.'

Recent reports from property listing firms, Rightmove, Zoopla and OnTheMarket, Rics estate agents and mortgage lenders brokers suggested a pick-up in the property market over recent months.

https://www.thisismoney.co.uk/money/mortgageshome/article-8195399/Property-prices-remain-stable-March-long-term-hit-coronavirus-filter-through.html

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