Money Covid-19: worst fall in eleven years in UK house prices in May
A former White House butler dies of the coronavirus
He had served under eleven presidents of the United States, including Barack Obama. Wilson Roosevelt Jerman died from coronavirus. © SIPA USA / SIPA Mourning former presidents. Wilson Roosevelt Jerman, one of the most famous former White House butlers, died of coronavirus at the age of 91 on May 16. Born in Seaboard, North Carolina, in 1929, he began working at the White House in 1957, then under the administration of Dwight D. Eisenhower.
Prices for Residential real estate recorded its worst fall in 11 years in the UK in May due to the coronavirus, according to a study released Tuesday.
This 1.7% decline over a month, the worst since February 2009, in the midst of a financial crisis, comes when house prices had reached a record in April, according to a study by the nationwide mutual bank.
It translates into an average drop of 4,000 pounds per property for an average price of 218,902 pounds.
"At the beginning of 2020, before the shock of the pandemic in the United Kingdom, the housing market recorded a steady progression" but "activity slowed down considerably because of the measures put in place to control the spread (of the virus)", comments Robert Gardner, chief economist of Nationwide.
Real Estate: the rise in the prices of old housing has accelerated but ...
© Credits: PATRICK KOVARIK / AFP We are starting to see the first effects of confinement on the market for old housing: activity has given signs a sharp drop in the first quarter, with a 22% drop in sales in Île-de-France. But prices, meanwhile, continued to rise. For the moment. The rise in prices for old homes accelerated in the first quarter, but market activity has shown signs of sharp decline due to confinement to the coronavirus, show figures from INSEE and notaries on Thursday .
Data from the British Tax Service (HMRC) indicates a 53% year-on-year collapse in real estate transactions in April.
In addition, home loan agreements collapsed 80% in April compared with their February level, according to data from the Bank of England on Tuesday, to fall to 15,800, a record low since the start of the publication of these data in 1993.
According to Gardner, the medium-term outlook for the housing market remains very uncertain and will depend on the speed of recovery.
Jeremy Leaf, a London real estate agent quoted by the PA agency, describes the fall in prices in May as a "crash".
For him, "buyers and sellers are waiting to see who will draw first" and the market has not yet found its equilibrium post-Covid prices.
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North East England worst affected by Covid-19 last month, official figures show .
A senior Tory politician said the region was some weeks behind London while a Labour council leader said inequality was a big factor.Commenting on the figures, the elected Tees Valley Mayor said the North East was between four and six weeks behind the capital in its coronavirus cycle.