April 2020 House Price Update
UK Housing Price and Market Update for April 2020
Average Price Paid
Annual house price growth increased to 3.7% in April, from 3.0% in March. This represents the fastest growth since February 2017 (annual growth was at 4.5%).
The past seven months have experienced month-on-month growth.
In the first months of 2020 the property market had been gathering momentum until the COVID-19 pandemic struck.
There is high uncertainty surrounding the coming months in the housing market.
Economic activity is expected to reduce significantly over the coming month but the initiatives in place to support businesses during this time are expected to keep borrowing costs low and support a bounce back once the shock has cleared.
The same measures should help to significantly reduce the impact of Coronavirus on the property market.
It is likely we will see a pick up in market activity this month as the UK Government releases new information and instructions to operational changes within the housing market to start things back up once again.
Source of UK Property Price Data ‘Annual Change’, ‘Quarterly Change’, ‘Monthly Change’, ‘Average Price’ and ‘Average Mortgage Rates’ - Nationwide House Price Index.
Please note that the use of the above information and commentary is subject to both the Nationwide Legal Terms (https://www.nationwide.co.uk/about/house-price-index/headlines) and also where applicable, the Terms and Conditions found on our website www.resonateproperty.co.uk.