The effect of the global coronavirus pandemic will lead to a decrease in property values in the UK by £30,000 by the end of 2020, The Daily Telegraph writes, citing a forecast by the Center for Economic and Business Research CEBR.
This means a 13% drop in property prices. If the forecast comes true, the average real estate values in the UK will fall below £200,000. Disadvantaged labor market regions will take the hardest hit – Yorkshire and Northern Ireland among them; a smooth decline in property prices across the UK should not be expected.
The research says that landlords will mostly be on a receiving end of the crisis in the real estate market, as young British tenants are the most vulnerable to layoffs.
The real estate market is currently stalled with the UK government recommendation to put houseviews and relocations on hold as part of the strategy to reduce the spread of COVID-19.
