House prices expected to fall by 12% in the short term
KBC have estimated that house prices may drop by 12%. Clients active in the market feel the same with a general estimate of around 10%. Sellers may be delaying their sales or some may want to sell now because the market is heading down.It seems that a drop in the area of 10% to 15% is possible.
KBC have noted that there are very few transactions being completed at the moment. This is true, but we are witnessing a significant rise in mortgage applications as buyers position themselves to buy at an opportune moment.
Hopefully we can make progress on rebooting the economy with the return to work and social distancing becoming the new norm.