Industry veteran warns of 20% house price drops...

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05 December 2022

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By Marc Shoffman

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Industry veteran warns of 20% house price drops

Industry veteran Harry Hill has become the latest to warn of a drastic decline in house prices.

The Rightmove founder and former Countrywide boss has said he expects price reductions of 20% should the UK fall into a deep recession.

Speaking in an interview with the Mail on Sunday, Hill said he was nervous about the economic climate and the impact on the housing market.

He said: “My view on the housing market is that it's going down in every direction. Transactions are going to go down. Prices are going to go down.

“The only question is by how much? Intuitively it feels like double figures on both, starting now.”

He suggested there could be “20% price reductions,” adding: “People in blue-collar working class areas – in places like Manchester, Liverpool and Darlington – are already struggling quite badly.

“The thought that these people are going to be less well off in the next 10, 15 or 20 months is not going to be good for any market, and certainly not the housing market.”

It comes as Hill could be set for a return to estate agency should activist investor Lecram Holdings get its way and win a vote later this month to install him as chairman of beleaguered brand Purplebricks.