Experts predicted this would in fact boost house prices, and last week a Halifax price index found thatBut separate research by the Royal Institution of Chartered Surveyors released today found that while the UK housing market could be heading for a boom, this is likely to be followed by a bust.
There are also fears the property market will slow once the stamp duty holiday comes to an end on March 31 next year.as the property market bounced back from lockdown - but experts have warned the recovery won’t last.What are the advantages of buying a home during the recession? Ross Counsell, a chartered surveyor and director at property buyers Good Move, told The Sun: "Lower prices mean it can be easier for people to get on the property ladder and buy a home, especially first-time buyers.
Although house prices could be lower, you may need a larger deposit than you would in a healthy economy.due to coronavirus, meaning many first-time buyers will need at least 10 or 15 per cent.you may struggle to get one if you're buying a flatAlso keep in mind that house prices could fall further after you've bought, which may leave you in negative equity.
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Source: The Guardian - 🏆 84. / 53 Read more »