What will change in the autumn?
‘There is a big cliff edge waiting in the Autumn. We know it is going to come... but are witnessing a delay’
The housing market outlook will be closely tied to Britain’s economic recovery and employment levels, said Mr Donnell.
Mortgage holidays and the furlough scheme have so far provided an effective buffer between individuals and the economic downturn, said CEBR.
When these schemes end in October, the property market could U-turn.
Currently, 9.4 million salaried workers and a further
2.7 million selfemployed workers have their wages supported by the Government. Many expect a spike in redundancies as the scheme ends.
The mortgage holiday uptake gives an indicator of how many people could also become forced sellers. At its peak, 1.9 million homeowners were on a repayment break – a
sixth of all