Property: City prices to plunge due to ‘mass exodus to the country’ says Kirstie Allsopp

UK property expert Kirstie Allsopp appears on World at One today to discuss the future of the property market. She discussed a “mass exodus” to the country.

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Speaking on the radio programme today, the 48-year-old presenter thinks an “exodus to the country” is perfectly possible.

She told listeners: “Ever since this first appeared, and I have production company which makes our shows and I’ve been having Zoom meetings with my colleagues, I think there will be a number of changes in the property market.”

She predicted employees will likely desire to move further away from cities as they are travelling to the office less.

She said: “I think office space will probably drop in value as less is needed.

“I think the value of properties will change. There has been a huge link between your commute and your property. That might alter.

“And also people are talking about their work life balance in way they never have before and property has an impact on that.

“People will be saying I’ve been paying a huge mortgage to live within a commute of this place, I want to pay half the mortgage and live further away.”

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It was announced that estate agents are returning to work as of today in Britain’s lockdown latest plans. 

Yesterday the government announced surveyors can return to their work in homes.

Additionally, so can meter readers and plumbers.

Additionally, restrictions have been loosened on who can legally identify buyers and allowed deeds to be signed without in person witnesses.

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Agencies are predicting a slump in house prices.

Knight Frank, estate agent, claims there will be a seven percent fall across the UK.

It also predicted a further five percent fall in prime London locations after a 20 percent fall in 2014.

Kirstie has more to say about the property market and the effect of coronavirus upon it.

She said: “What always spurs the housing market is the three D’s and they’re all grim: death, divorce, and destitution.

“All of which are going to be factors in the housing market going forward.

“People are going to be losing their jobs, two million more people unemployed are looking a very severe recession if not a depression, that’s going to result in people needing to move.

“Obviously, very sadly some people have lost their lives, elderly people who their children will be looking to sell their homes – double the number of usual.

“And of course there is the divorce element, so there are lots of reasons why people are going to be desperate to move and desperate to sell.”

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