| Comment | like all markets, house price increases are driven by high demand and low supply, and demand right now is at an all time high and unlikely to drop any time soon. even if the housing market drops it will rebound quickly as covid is a short-sharp-shock issue rather than a necessarily a structural one. and either way, a general crash will not affect all areas equally, London may well crash in house prices but areas of Glasgow stay bouyant or even go up as folk flee north. All in all, maybe a slowdown, yes, but a 2008 (or worse) style crash, I doubt it. As regards tax etc I won't be surprised if they extend the holidays....but we'll see.
a crash is crap for all homebuyers as although prices are lower, less people are selling, and mortgages are more difficult to get. sure, if you have a wedge of cash it won't affect you, but that's always the case. |
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