The housing market has reopened, but “most ingredients are in place for a property crash”, writes Larry Elliott in The Guardian. Ultra-low interest rates and mortgage holidays should cushion some of the pain. Yet unemployment sits at 2.1 million. That is only a hint of the misery to come as the Treasury winds down its job-furlough scheme, which supports eight million people.
The Bank of England is predicting a 16% slump in prices, says Kate Andrews in The Spectator. Yet other analysts think that falling demand and supply will cancel each other out.
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