House buyers flood back into market after seven-week shutdown

Linda J. Dodson

Miles Shipside, director at Rightmove, said: “The traditionally busy spring market was curtailed by lockdown, but we’re now seeing clear signs of returning momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings.

“With no new seller asking price data it’s too early to comment on price movements, though high demand is needed to support a stable market. If there are attractive lower deposit mortgages available, it would help sustain the recovery in activity.”

Property viewings are now allowed after a seven-week closure, provided guidelines on social distancing and hygiene are followed.

Enormous levels of Government support for jobs combined with ultra-low interest rates should prop up prices through the recession and into the recovery, according to analysis from Standard and Poor’s.

By the end of the year it expects UK house prices to have edged down 3pc, staying flat through 2021 before rebounding 3.5pc in 2022 and a further 3.8pc in 2023.

This puts the UK on a similar trajectory to other European countries, with bigger drops expected in Spain and Ireland but more modest declines forecast in France and Germany.

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