{"id":25727,"date":"2020-06-12T16:45:09","date_gmt":"2020-06-12T04:45:09","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25727"},"modified":"2024-03-01T20:50:29","modified_gmt":"2024-03-01T07:50:29","slug":"coronavirus-may-have-huge-impact-on-property-markets","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/coronavirus-may-have-huge-impact-on-property-markets\/","title":{"rendered":"Coronavirus may have huge impact on property markets"},"content":{"rendered":"

PHOTO: UK house prices have posted their biggest monthly fall for 11 years<\/strong><\/p>\n

The saying “there is no place like home” is perhaps not so heart-warming a thought these days.<\/p>\n

After all, most of us have been locked down in our house or apartment for a very long time.<\/p>\n

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Taco Bell\u2019s second New Zealand outlet to open<\/a><\/h2>\n<\/header>\n<\/div>\n

The coronavirus pandemic will, however, do more than change the way we might feel about our homes. It has the potential to have a huge impact on property markets around the world.<\/p>\n

It is fairly clear that with massive unemployment, wage cuts, business failures, and job uncertainty, many people are likely to be cautious about making the biggest investment of their lives – buying a home.<\/p>\n

Normally that leads to falling house prices, and during the last recession and credit crunch that is what we saw in the UK, US and many other countries.<\/p>\n

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\u00a0<\/span><\/span>The economic uncertainly coronavirus has caused is putting people off buying a new home – GETTY<\/strong><\/em><\/figure>\n

In the UK, the Nationwide house price index for May\u00a0showed that prices fell 1.7% from the previous month, the largest decline for 11 years.<\/p>\n

But as Robert Gardner, the Nationwide’s chief economist, points out, “there are some signs this is starting to stabilise”. He adds that this is because the current situation is not a typical economic downturn.<\/p>\n

READ MORE VIA BBC<\/a><\/p>\n

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