July 2020 House Price Update
UK Housing Price and Market Update for July 2020
Average Price Paid
The housing market bounce-back was evident in June with market activity on the increase and prices following with a 1.7% increase on the month.
Pent-up demand can be attributed to much of this bounce back in activity due to the restrictions placed on the market over the previous few months.
The recently announced Stamp Duty Land Tax holiday is expected to support further activity and growth in the market over the coming months.
In many cases, the savings made thanks to reduced Stamp Duty are expected to be passed on with increasing house prices.
There remains uncertainty over the coming quarters however, due to the predicted labour market slow-down attributed to the post-lockdown economic conditions.
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.