UK Property Prices Plunge By Up To 13%
Surveyors have urged the government to give home buyers a stamp duty holiday amid fears that UK house prices could crash by as much as 13 per cent as confidence dries up due to the coronavirus pandemic. The Royal Institution of Chartered Surveyors (Rics) reiterated its calls to scrap the tax on property purchases for anyone who is downsizing their home. Predictions on house prices vary wildly thanks to huge uncertainty about the economic impact of the virus. A forecast by the Centre for Economics and Business Research was gloomier, pointing to an estimated 13 per cent drop in average house prices. Some 72,380 homeowner mortgages were behind by more than 2.5 per cent of the outstanding balance, compared to 70,880 in the fourth quarter of 2019, figures from UK Finance show.
Tags : INTERNATIONAL Property Royal Institution of Chartered Surveyors UK UK Finance tax Economics and Business Research