Do not listen to estate agents – house prices will go down, not up

The inflationary trend of a few years ago has gone and Covid is not going to bring it back

This is not to say housing here is affordable or slowly becoming affordable. It’s patently not. Photograph: iStock

This is not to say housing here is affordable or slowly becoming affordable. It’s patently not. Photograph: iStock

The medium-term trend for house prices is not up, it’s down, and we should be wary of estate agents telling us otherwise. We had our fill of self-serving, industry-based reports back in the 2000s and look where that got us.

When Covid hit back in March last year, it seemed like the bottom had fallen out of the property market. Estate agents prepared for an annus horribilis. But the market proved more resilient than anyone expected.

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