Most ingredients are in place for a property crash later this year | Larry Elliott

Rising unemployment is toxic for the property market and low interest rates may not be enough

This weekend marks the start of a truncated summer house buying season, the moment the residential property market comes out of hibernation.

Normally this happens at easter but, for obvious reasons, that has not been possible in 2020. Estate agents have been shuttered along with almost every other business, waiting impatiently for the lifting of the lockdown. This bank holiday weekend, with fine weather forecast, provides a chance to make up for lost time.

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Most ingredients are in place for a property crash later this year | Larry Elliott