Predictions have been coming in thick and fast over the last few months about the housing market ‘crashing’ or ‘falling off a cliff’, fuelled by headlines of double-digit property price growth. However, despite these well-documented record house price rises, this might not mean they are going to fall.
Looking at what has happened to property prices over the last few years, it produces a very mixed picture, and it is difficult to see how and why the property market would crash. A report from Zoopla argues that this growth may have been over-exaggerated. This is because there has been a key shift over the pandemic, where more houses have been sold than flats, which has changed the ‘mix’ of properties that have been reported on. As houses are typically more expensive than flats, this could have given the impression that prices across the board have risen by more than they have.
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