How much your house will be worth in worst case coronavirus scenario – average drop of 50k
According to experts house prices could fall by 20 percent in a worst case scenario caused by coronavirus. How much would leave the average house valued at?
- House prices set to drop due to coronavirus crisis
The average house is worth £232,970, according to website Statista.
However, experts predict the coronavirus will take its toll on the housing market.
An economist at Nomura told This Is Money: “People will not be looking for a new home at this point.
“They will want to be staying safe in their own home. So anyone wanting to move will probably be desperate and take a hit on the price to get a sale through.”
This means in a worst case scenario situation the average house price would fall from £232,970 to £186,376.
This is a loss of £46,594, a huge blow to the average person, a life changing amount of money.
How much could your home be worth in a worst case scenario?
- £60,000 house will be worth £48,000
- £80,000 house will be worth £64,000
- £100,000 house will be worth £80,000
- £200,000 house will be worth £160,000
- £300,000 house will be worth £240,000
- £400,000 house will be worth £320,000
- £500,000 house will be worth £400,000
- £1,000,000 house will be worth £800,000
House price growth highest in two years before coronavirus [ANALYSIS]
House prices brought to ‘abrupt standstill’ as 500,000 house sales could be ‘lost’ [EXPERT]
Property market ‘DEEP FROZEN’ by coronavirus crisis [ECONOMIC IMPACT]
Transactions on homes are pipped to half.
Britons are very reluctant to move right now.
This is largely down to fears about the future of the economy.
The stock price of estate agents and home builders is falling.
- How to add value to your home while you’re stuck indoors
Some towns are set to be worst affected by coronavirus according to experts.
Sadly, Woking as the epicentre of the UK housing market crash caused by the killer virus.
According to GetAgent.co.uk, in Woking there were 337 total property listings posted in just over a month prior to lockdown but just 18 new listings, a reduction of 95 percent.
Other badly affected areas are East Renfrewshire, East Dunbartonshire, Three Rivers (-94 percent) and Ely (-93 percent).
GetAgent.co.uk founder and CEO Colby Short said: “The varied list of areas to have seen both some of the highest and lowest levels of listing decline demonstrates the varied makeup of the UK market, as well as the erratic impact the spread of coronavirus is having on home seller sentiment.
“In some areas, such as Woking, the market has pretty much dropped off a cliff since the lockdown was implemented, whereas other areas have seen a decline but continue to register more robust levels of new listings.
“This is certainly due to influences such as a high concentration of new-builds, with many developers having to keep selling due to the fact that they have money tied into developments and interest repayments to make.
“Many new build developers also have the benefit of selling empty properties which makes social distancing measures easier, while many new build buyers, particularly those from overseas are happier to transact based on a virtual viewing.”
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