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Cheapest houses by Christmas? Perhaps not, but change is coming

Mark Keenan



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'What we have been seeing lately is an urgency among potential buyers with mortgage approval, scrambling to secure that first rung on the ladder before the banks have a change of heart and start pulling that ladder up out of reach.' (stock photo)

'What we have been seeing lately is an urgency among potential buyers with mortgage approval, scrambling to secure that first rung on the ladder before the banks have a change of heart and start pulling that ladder up out of reach.' (stock photo)

'What we have been seeing lately is an urgency among potential buyers with mortgage approval, scrambling to secure that first rung on the ladder before the banks have a change of heart and start pulling that ladder up out of reach.' (stock photo)

Those who told us back in April we'd have the cheapest house prices in a decade by Christmas, thanks to Covid-19, might be feeling a bit stupid now. Who would have thought the spread of this frightening contagion could actually cause house prices to increase, albeit slightly?

Unfortunately we'll have to wait a bit longer for those cheap houses.

To understand what has been happening, first consider that most of those whose jobs are affected by Covid-19 are generally working in lower-paid sectors like catering, retail and hospitality.