Saturday 06 June 2020

House prices unaffected by coronavirus so far, say real estate agents


Although slightly fewer homes have changed hands over the past two weeks, prices are broadly similar to the previous month, according to new figures from real estate agents’ association NVM.

The figures back up earlier claims that the coronavirus crisis has yet to impact on the housing market and that people who plan to buy are pressing ahead.

‘We are now dealing with a very tight housing market with a sharp drop in supply and rising prices,’ said NVM chairman Onno Hoes in a statement.

Hoes criticised ‘prophets of doom’ who suggested that the market would be in for a major shock because of coronavirus.

2008 crisis

NVM figures comparing the housing market today with the situation at the time of the 2008 financial crisis show that in 2008 there were more properties on the market, overbidding was much less likely and the shortage of housing was much smaller.

‘At the time of the financial crisis, the market was more balanced and prices were rising more slowly,’ Hoes said.

Figures from the Kadaster land registry published on Monday also show the coronavirus outbreak has done little to dampen demand.

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