Spike In House Prices To Be Followed By A Sharp Drop This Year

Spike In House Prices To Be Followed By A Sharp Drop This Year

A spike in house prices means that average values are set to increase by 2-3% in the coming quarter, which is good news for estate agents and sellers alike! Whilst the industry have been shocked by the sudden rebound in the market, property experts Zoopla have said that a downturn in the economy by late 2020 will mean a drop in property prices later in the year.

Director of Research and Insight at Zoopla, Richard Donnell said: “The rebound in housing market activity has taken many in the industry by surprise…It is welcome news given the projections for falling economic growth and rising unemployment.”

However, with the impact of Coronavirus going to have long-term effects on the economy, including unemployment, combined with generally lower demand for housing in the winter months, Mr Donnell continued, “House price growth is set to hold up in the near term and we expect the downward pressure on prices to come in the final months of the year as demand weakens.”

Therefore, if you are looking to sell your home this year, it is certainly worth you making the most of the current spike in house prices, and not waiting out. Nick Leeming, chairman of estate agent Jackson-Stops stated, “Those looking to sell their homes this year will benefit from listing their homes on the market sooner rather than later to capture the pent-up demand from when the market was closed… These sellers are not only more likely to achieve higher offers but should also secure a quicker sale by listing their homes in the coming months. Currently, we are seeing multiple offers on well-priced country property.”

If you’re looking to make the most of the current situation, and want to get your house on the market ASAP. Please also consider contacting us for a quote for your removal. We get extremely busy during the summer months so ensure you book soon to avoid disappointment,

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