Coronavirus Outbreak Will Halt 520,000 UK House Sales In 2020

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.

https://www.theguardian.com/business/2020/apr/20/coronavirus-outbreak-will-halt-520000-uk-house-sales-in-2020