There could be a big drop in prices in the British property market

Sad news is facing Britain’s real estate market, real estate sales.

Anita Szepesi writes in an article in Napi.hu that there may be a sharp fall in prices on the British real estate market. This hurts a lot of real estate traders, or individuals who are just considering selling, while rejoicing those who now want to either invest or just buy a new property.

This fall in prices was caused by a shift in demand and supply due to the COVID 19 epidemic, and will unfortunately continue to do so for some time to come.
Due to the epidemic, the loss of income also burdens the livelihoods of those living in rental housing. Relatively high rents account for the bulk of household income. This is especially true for people living in big cities, such as London, especially in and around London. CEBR analysts recall that, according to recent model calculations by the Cambridge-INET economic research group, British workers can expect an average 35 per cent drop in income over the next four months. According to the article, ingenie tenants living in England will face significant problems due to job losses due to the virus or current restrictions. Currently, more than a third of their income is spent on housing costs. This trend could lead to insolvency and accelerate the real estate crash that has already begun.
Thus, residential property prices in the UK are projected to fall by 13 per cent by the end of the year.