14 July
As Covid-19 is expected to cause the worst global recession since the World War II according to the World Bank’s analysis, the UK housing prices could crash by 20%-30%, opined Jonathan Davis sharing an article published by Anthony Codling, CEO at property platform twindig.
The article highlights that the current situation in housing is different from that during the credit crunch.
Anthony Codling, a former Executive Director at JP Morgan Cazenove, articulated the housing situation during ‘Covid crunch’ as seller drought and that during the credit crunch as buyer drought.
Despite the seller drought, Codling feels downward pressure on housing prices due to growing fear of unemployment and mortgages getting more expensive and limited as banks step up to protect their balance sheets.
