【World Property Journal】UK Residential Transactions to Dip 15 Percent in 2020 from COVID Outbreak

International property consultant Knight Frank is reporting that over the last four months, the UK property market has experienced the most abrupt change in sentiment in its history. While the market was shut for eight weeks against the disorientating backdrop of a global pandemic, the prophecies about the housing market were understandably dire.

However, monthly house price growth had reached a 16-year high. That followed mortgage approval data from the Bank of England that looked distinctly like a V-shaped recovery. Furthermore, the number of exchanges outside of London was the 9th highest figure in 10 years in the last week of August 2020.

While evidence of a recovery is building, valid warnings about the unknown economic impact of the pandemic remain. Some economists point to further job losses and financial pain as the furlough scheme is unwound. Others, however, point to an economy that is more adaptable than assumed and a narrative more complex than one of High Street closures and GDP numbers.
 

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