Financial and business news from Bulgaria

British real estate market is frozen

The British property market is practically frozen because of quarantine measures imposed by the government and it is very early to predict its long-term development. Such are the forecasts of the credit institution Halifax.
Real estate prices remained steady in March after five consecutive months of growth, the bank's monthly survey found. Economists polled by Reuters had forecast average growth of 0.1 percent after +0.2 percent in February. However, the increase reached 3 percent in March on an annual basis versus 2.8 percent in the previous month.

The British government has asked people to avoid moving to new housing in order to limit the spread of coronavirus within social isolation, which has halted significantly economic activity in the country, BTA reported.

Most of the market activity has practically stopped, Halifax Director General Russell Gailey said. Activity will inevitably drop sharply next month, he added, stressing that a small number of transactions will make it difficult to calculate price movements. He noted that it was very early to foresee the long-term impact of quarantine on the UK property market.