More than 520,000 UK home sales will be abandoned this
year, after the government ordered a temporary freeze on the housing market
last month because of the coronavirus outbreak, research shows. The property
consultancy Knight Frank said the 38% drop in the number of house sales in 2020
would have a ripple effect across the property industry, hitting retailers,
removal companies and even government coffers. Assuming physical distancing rules
stay in place throughout May but are gradually lifted in June, the property
market downturn will result in 350,000 fewer mortgage approvals in England and
Wales including 150,000 fewer mortgages for first-time buyers. Read more on the
Guardian website.
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