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House Prices Crash: Liverpool

Sell My House Quickly in Liverpool

Sell My House Quickly found another interesting article about properties in Liverpool. ‘Sell now before house prices crash’: Liverpool estate agent’s urgent warning for those looking to move

A Liverpool estate agent boss has urged people looking to move to “sell now before house prices crash”.

House Prices Crash: LiverpoolThe stark warning from Adam Sutton comes ahead of the end of the current property boom, which the real estate expert said will be followed by house prices crashing once the coronavirus recession “kicks in”.

House prices jumped to a record high this summer after the biggest monthly rise in 16 years.

Mr Sutton, founder of Baltic Triangle-based Adam Sutton Estates, said he “isn’t scare mongering” – but with the furlough scheme, stamp duty relief and mortgage holidays soon to end, many will have “thousands slashed from their property values”.

Mr Sutton, who spent years working in the real estate sector in London before setting up his own property business in Liverpool, told BusinessLive: “ Houses prices plummeted by an average of 15% during the 2008 recession. The economic turmoil we saw then is similar to the financial disruption we are witnessing right now so it is inevitable that house prices are going to crash.

“We’ve seen a sales mini-boom this summer but it is unlikely to last. Property prices are soaring now but a crash is inevitable when the full effects of the recession kick in.

“It isn’t scare mongering. We’ve seen property prices fall in the aftermath of every major recession and all the indications are that the economic climate is going to get even worse in the months ahead with the furlough scheme coming to an end, mortgage holidays ending, businesses closing and the consequential rise in unemployment. Some people will struggle to keep a roof over their heads.

“I don’t want to be the bearer of bad news but my advice to anyone thinking of selling is to do it now, or face having thousands of pounds slashed from their property values. Time is also running out for buyers to take advantage of the government’s stamp duty cut.”

Property website Rightmove said that August was the housing market’s busiest month for a decade – but Lloyds Banking Group, Knight Frank and Santander have all warned that plummeting house prices are expected.

Lloyds said the worst case scenario was 20% over three years, while Knight Frank predicted a slump of 7% this year and Santander predicted a 6% drop.

The outcome of Brexit negations could lead to “further uncertainty and dampening growth”, the bank warned.

Mr Sutton added: “The consensus across the property sector is that house prices will fall. It could be far worse than property professionals are saying so I think it is right that I speak out and inform people.

“It is a gloomy outlook but current valuations are not sustainable amidst a global pandemic and what could be the worst recession in history.

“Of course, some people are worried about letting people into their homes with Covid-19 rates rising again and that’s why we are investing a lot in selling homes online with virtual tours and extensive video footage of the properties we sell. There are ways to sell without opening your front door.”

We found this article on  BusinessLive. Kindly click the link to read the full story.

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