<p>Knight Frank has called for “urgent” government intervention to bolster the housing market as it forecasts 526,000 fewer UK home sales in 2020 due to the coronavirus crisis. </p> <p>The property consultancy stated that, according to its research which assumes the current lockdown will continue throughout April and May with a “gradual lifting” in June, transactions would fall 38% against 2019, posing “significant economic implications”.</p> <p>With the housing market on hold, Knight Frank has predicted 350,000 fewer mortgage approvals in England and Wales throughout 2020, including more than 150,000 fewer to first time buyers.</p> <p>The knock-on effects, it said, were an estimated £7.9 billion decrease in DIY and renovation spend and a loss of £395 million on removals companies.</p> <p>“There will be a wider economic impact, including the loss of employment and general mobility,” the company said. “This drop in economic activity will have a huge impact on The Exchequer with the loss of £4.4 billion in stamp duty accompanied by a decline of at least £1.6 billion in VAT and significant declines in personal and business tax revenue.”</p><p><span>Tom Bill, Knight Frank’s head of London residential research, said: </span><span>“Moving house has a clear multiplier effect for the economy. </span><span>Different-sized businesses …