House Sales in UK to Decline by 60% YoY in Q2 2020
The latest report by property website Zoopla paints a bleak picture for the UK housing market in the near future. According to Zoopla, house sales could decline by as much as 60% in Q2 2020 vs. the same period a year ago, with monthly as sales expected to fall by as much as 80% during the next quarter.
House sales volumes can continue to remain low into Q3 as well as Britain and the rest of the world try to contain the spread of the coronavirus pandemic and bounce back. The lockdowns are expected to weigh heavily on consumer sentiment and keep buyers away from making big ticket purchases like homes for considerable time.
Even house sales that had previously been agreed upon are falling through over the heightened levels of economic uncertainty in the market. House sales were down by 15% during the week ending on March 22, with buyer demand having fallen by as much as 40%.
Over the previous week, more than 60% of agreed upon house sales fell through but a higher proportion of new sales kept overall numbers in positive territory for now. There are also expectations that houses that have already been put up for sale may also get pulled off the market in the near future, although this has not happened yet.
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