August 2020 House Price Update
UK Housing Price and Market Update for August 2020
Average Price Paid
The housing market sees its highest monthly rise since February 2004 with prices at a new all-time high; offsetting the decreases seen in May and June 2020.
Pent-up demand can be attributed to much of this bounce back in activity due to the lockdown restrictions placed on the market over the preceding months.
The upward trend we are seeing appears set to continue over the near term with the recently announced Stamp Duty Land Tax holiday which is expected to support further activity and growth.
It does appear that the savings attributed to the reduced Stamp Duty rates are being passed on with the increase in house prices.
Government support schemes are set to reduce in the coming months which could give rise to a labour market slow-down and housing market uncertainty over the coming quarters.
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.