Property Prices Expected To Plummet – 27/01/2021

Britain’s biggest mortgage lender Halifax has said that the economic fallout caused by the Coronavirus Pandemic will catch up with the property market in 2021, with Property Prices expected to plummet.

A fall in house prices of between 2% and 5% is predicted for the coming year.

Further research by Astons has found that London’s high-end market has seen a fall in property prices. Since the beginning of the pandemic, ‘sold prices’ have fallen by 10% in London’s most high-end postcodes. Areas such as Mayfair and St James’s has seen prices drop by around 40%, meaning some properties have dropped from £4.9m to £2.9m. Kensington was found to have the second-largest decline with prices dropping by 18%.

Despite these declines, there are some prime London postcodes that are still enjoying a price boost, for example: Chelsea is seeing increases of between 12% and 23%.

Keller Williams UK has found that rental prices in London are declining, having fallen by around 3.4% (equating to roughly £58).

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Written: 27 January 2021

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