House prices in April 2020 were 2.7 per cent higher compared to the same time last year despite the coronavirus outbreak, new monthly data from Halifax shows.
The average property price across Britain now stands at £238,511, down from February’s record high of £240,461 meaning nearly £2,000 has been wiped off the value of homes.
Russell Galley, managing director at Halifax, said: ‘It will not be until after lockdown restrictions are eased that we will get a sense of the new temporary normal conditions for the housing market.
‘Social distancing raises new challenges for home viewings and valuations and this will require the industry to adapt to build and maintain consumer confidence.
‘More immediately, we are likely to see some considerable movement in activity levels as buyers and sellers seek to kick-start previously agreed transactions which are likely to have stalled or been delayed.’