PwC warns of property slump amid ongoing uncertainty

One in five people are now less likely to buy residential property due to the Covid 19, according to research published today (6 October) by PwC.

The accounting firm’s data showed that uncertainty over job security, loss of income, the state of the labour market and housing prices are preventing many from purchasing property.

However, 10% of respondents to PwC’s survey said they were more likely to buy property, in part due to the stamp duty holiday.

Jamie Durham, economist at PwC, said: ‘‘The pandemic is making many people consider their next move carefully, whether that means holding off on buying a property altogether or indeed moving to locations they hadn’t previously considered. 

‘‘Our research finds that around 30% of those who previously thought their next move would be to a property in the city centre now want to live in the suburbs or towns and villages. Likewise, 19% of those who previously thought they’d move to the suburbs now think they’ll move to a town or village.’’