House sales to plummet by half a million

By Joey Gardiner2020-04-20T09:23:00

Source: Shutterstock

Knight Frank calls for stimulus package as it forecasts 38% drop in transactions

The number of UK house sales this year will spiral by more than half a million due to the effects of the coronavirus lockdown, according to an analysis by estate agent Knight Frank.

The firm said the volume of sales will collapse by an estimated 526,000, and will feed through into a £4.4bn fall in stamp duty revenue and £1.6bn cut in VAT revenue for the government, exacerbating the likely crisis in the public finances.

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