Steve Ludlow, a director of Ludlow Thompson, said the slowdown will create more of a buyer’s market, meaning many people who could not get on the housing market due to affordability constraints may be able to do so as some people lower their prices to ensure a sale.
He said a number of public sector employees “may well see [price falls] as an opportunity – providing money’s available at an attractive rate”.
As well as this, he suggested, those with existing homes already could use the situation to add to their portfolio, explaining: “Other people will decide to let out their current property, and buy another property while prices are down,” adding that the first property could then being sold on when the market picked up again.
Recent house price surveys have indicated falls in the average house value in the UK, with Halifax and Nationwide showing drops of 1.1 per cent and 0.8 per cent respectively.
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