house

It’s too soon to hit the panic button on house prices

Clearly, with the UK economy braced for its worst recession in three centuries, no right-minded analyst is pencilling in growth for 2020, but predictions differ wildly about the severity of any reversal.

EY expects a 5pc slump – bad but not even close to past dips; Lloyds is sitting on the fence with a range of 5pc to 10pc; Nationwide is more downbeat, with a guess of 13.8pc; and the Bank of England’s desktop Covid-19 stress tests have come up with a 16pc plunge, the most doom-laden of all.

There are other reasons to think a protracted decline is looming.

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Worst month since the crisis? These house price falls are only the beginning

The first real sign of how the lockdown damaged the property market is here: the lender Nationwide said house prices fell by 1.7pc between April and May, the biggest monthly decline since February 2009.

These figures don’t really reflect the market or the economic forces at work – just the impact of the housing market freeze. In fact, they’re only a taste of what’s to come.

To understand the reality of the situation, we must wait until the autumn for crunch time – when furlough ends, unemployment rises and consumer sentiment collapses. Property owners will no longer be supported by

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Coronavirus latest: White House sees G-7 summit as ‘great reopening example’

The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan.

Global cases have reached 5,495,061, according to Johns Hopkins University.

The worldwide death toll has hit 346,232.

To see how the disease has spread, view our virus tracker charts:


(Source photo by AP) 

Here are the latest developments (Tokyo time):

Wednesday, May 27

5:00 a.m. U.S. stocks close higher as investors cheer signs of economic reopening, with the Dow Jones Industrial Average rising 530 points, or 2.2%, while the S&P 500 adds 1.2%.

4:30 a.m. President Donald

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Coronavirus latest: White House see G-7 summit as ‘great reopening example’

The Nikkei Asian Review is tracking the spread of the new coronavirus that originated in the central Chinese city of Wuhan.

Global cases have reached 5,495,061, according to Johns Hopkins University.

The worldwide death toll has hit 346,232.

To see how the disease has spread, view our virus tracker charts:


(Source photo by AP) 

Here are the latest developments (Tokyo time):

Wednesday, May 27

5:00 a.m. U.S. stocks gives up some of the gains after a strong opening. The Dow Jones Industrial Average closes up 530 points, or 2.2%

4:30 a.m. President Donald Trump believes there would be

Read More