Although a house price correction is widely expected ... it appears to be unfolding faster than anticipated."Although a house price correction is widely expected as part of the ongoing recession, it appears to be unfolding faster than anticipated," Kallum Pickering, senior economist at Berenberg, wrote of the U.K. market Thursday.
Indeed, prices have already begun falling in some places, according to property search site Rightmove, which said Monday that sellersIncreased mortgage delinquency concerns , with Australia, Canada, the Netherlands and New Zealand among the markets most at risk of declines of up to 15%-20%. Housing surveyors have reported the largest fall in new buyer inquiries in October since the financial crisis, excluding the period during the Covid-19 lockdowns.But the U.K.'s unique economic landscape puts it at higher risk of mortgage delinquencies, according to Goldman Sachs. Factors at play include Britain's worsening economic picture, the sensitivity of default rates to downturns, and the shorter duration of U.K. mortgages relative to euro zone and U.S. peers.