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What a strange time for everyone in the property market

There have been several interesting headlines this week, illustrating how fragile the property market is, whilst also showing how people approach things in different ways to make the most of things.

"House prices drop at fastest rate since 2009 as buyers opt to wait"

According to Nationwide Building Society the average price of a home dropped by 1.7 per cent in May from the previous month - this is the biggest monthly fall since February 2009.

Nationwide say that potential buyers are now intending to wait six months on average before deciding to enter the market.

Howard Archer, the chief economist advisor for economic forecasting group, EY Item Club, said: “Consumer confidence is currently at, or near, record low levels and many people are likely to remain cautious for some time to come when making major spending decisions such as buying or moving house."

"Surge in Britons turning gaze abroad"

Property portal Rightmove is telling us that searches for properties in Spain were up 34 per cent year on year during May, whilst searches for homes in France were up 33 per cent. Rightmove acknowledges that some of these searches were probably people “dreaming of a trip abroad”, however without doubt, many would have been serious about moving overseas or buying a holiday home.

"World’s richest use Zoom to purchase cut price mansions"

According to a number of London estate agents, wealthy overseas buyers have spent tens of millions of pounds on historical London property, during the pandemic - often only having seen the property over Zoom video calls.

Apparently, a lot of purchasers will consider buying, but only if they were getting a bargain. Henry Pryor, an independent luxury property buying agent, confirmed that “my clients would like a 20 per cent discount to reflect the risk they are taking but are prepared to take 5 to 10 per cent.”


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