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Coronovirus is not doing UK property any good

After house prices hitting a new high in February, banks have issued a warning that coronovirus may have negative impact on property market growth before end of 2020.

A UK’s biggest mortgage lender said prices rose by 0.3% in February to a record of £240,677. The quarterly rate of house price inflation also rose to 2.9%.

Average prices rose by about £8,000 over last September when Brexit worries were pushing the market down. However, the February figures reflect property market activity before the coronavirus-inspired falls in stock market values and financial confidence.

Estate agents reported that coronavirus fears are already hitting some sales. Lucy Pendleton of the agents James Pendleton in London said: “Coronavirus impacted our business for the first time on Wednesday, stealing away a sale that was just days from exchanging.

The Guardian reported.

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