Sep

BREAKING: House prices jump by 2% during August, Nationwide reveals

admin

Landlords looking to sell off part of or all of their portfolio could be hitting the jackpot after the Nationwide this morning reported prices up during August by 2% compared to July.

It also says house prices are rising by 3.7% year-on-year and that the August monthly surge was the largest for 16 years.

The average price of a property in the UK is now £224,123 up from £220,935 in July as demand for homes outstrips supply in many areas of the UK.

Nationwide says momentum has returned to the housing market and its figures show that house prices have now reversed the losses recorded in May and June and are at a new all-time high.

“Pent up demand is coming through where decisions taken to move before lockdown are progressing,” says Robert Gardner, Nationwide’s Chief Economist (pictured, right)

“Behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of life in lockdown.

“Our own research, conducted in May indicated that around 15% of people surveyed were considering moving as a result of lockdown.

“Moreover, social distancing does not appear to be having as much of a chilling effect as we might have feared, at least at this point.

“These trends look set to continue in the near term, further boosted by the recently announced stamp duty holiday, which will serve to bring some activity forward.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “This year, many people didn’t get to go on their summer holidays – for obvious reasons – stayed home and bought property instead.

“We expect September to continue to be busy while consumer demand remains strong although as the furlough scheme comes to an end and there is an increased potential for higher unemployment, there may be a question mark over how sustainable this activity will be.”

View Full Article: BREAKING: House prices jump by 2% during August, Nationwide reveals