Typical prices in the UK housing market will drop 12 per cent before long-term growth resumes in 2021 and beyond.
That’s the forecast from insurance giant Aviva which is even gloomier about commercial property, predicting a 15 per cent decline.
Aviva is one of the insurers operating business interruption policies and it says it faces paying out some £160m with regard to those and other Coronavirus-related policies.
Earlier this week the Financial Conduct Authority closed its call for details from individual business interruption claimants - applying to all insurers - as it prepared a legal test case over those firms refusing to honour BI policies.
Some agents are believed to have submitted their details for inclusions in the test case; progress on this is posted on a dedicated webpage set up by the FCA.