This Is Money Show

The mortgage crunch has stalled the pandemic property boom and sent house prices down, but could they fall 20 per cent? The risk of a severe house price downturn of that magnitude was flagged by Rightmove founder and property market veteran Harry Hill. Hill’s CV includes setting up property giant Rightmove and selling estate agency group Countrywide for £1billion a year before the 2008 banking crisis.  Hill told the The Mail on Sunday and This is Money: '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.’  He added that a bad recession would mean ‘we could see 20 per cent price reductions’. Could house prices fall 20 per cent from here? Why would it happen? How bad would that be?  On this week’s podcast Georgie Frost and Simon Lambert discuss the prospects for the housing market, how the rapid rise in mortgage rates is affecting it and what prospective home movers or first-time buyers should do. Plus, they are joined