UK property prices continues to drop as COVID19 impact deepens

A recent survey from Estate Agents across England showed that house prices across the UK fell at the fastest rate since the financial crisis in May with potential buyers saying they would wait at least six months before returning to the housing market.

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According to the report from the Nationwide Building Society, one of the UK’s largest mortgage lenders, the average price of a home dropped 1.7 per cent in May from the previous month to £218,902. This comes after April’s 0.9 per cent gain and is the biggest monthly fall since February 2009.

The figures came as the UK continues to lift its coronavirus lockdown, which has been in place since March. Last month, the government said construction sites could open if it were safe to do so, along with factories.

But the outlook for the housing market remains highly uncertain, said Robert Gardner, Nationwide’s chief economist. “Behavioural changes and social distancing are likely to impact the flow of housing transactions for some time,” he said.

Gardner said that would-be buyers are “now planning to wait six months on average before looking to enter the market.” The annual growth rate slowed to 1.8 per cent, down from 3.7 per cent in April and the slowest since December.

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I am a Property/Energy Consultant TA DenEco Consultancy - www.deneco.co.uk: A friendly, energetic and adaptable individual with keen interest and aptitude for learning and motivating others, with great academic skills and work experience in both Life science and Environmental Management, seeking an opportunity to use his proven flair for teamwork and creativity in Property Purchase, Energy Efficiency, Environmental management for sustainable development and growth in any related sector or industry. I help individuals, businesses, SMEs and corporate clients save or make money in regards to Property investment, energy efficiency, environmental management solutions. The foundation of my experience is environmental protection. I have a passion for helping people, businesses and corporate organization achieve their dream through Property Investment and become more efficient and effective in their energy, and environmental management. I get satisfaction from knowing that the work am doing is helping make/save money and the environment.  Contact us @ www.deneco.co.uk Outside of work you can find me spending time with family, studying and researching for new opportunities and continuous development. Specialties: Property Investment, EPC provider, Energy Efficiency, Environmental  management.

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