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May 2020 House Price Update

UK Housing Price and Market Update for May 2020


Monthly Change

- 1.7%


Quarterly Change

+ 1.2%


Annual Change

+ 1.8%


Average Price Paid

£218,902


  • Seasonality accounted for, May saw the largest monthly drop since February 2009, slowing the annual rate of growth to 1.8%.

  • Following seven months of steady growth, the impact of the pandemic was felt in May 2020.

  • Activity slowed sharply as a result of the lockdown measures put in place by the UK Government.

  • Uncertainty remains surrounding the coming months in the housing market.

  • Mortgage activity showed a steep decline in May 2020 as homebuyers were holding off and in many cases unable to transact.

  • In a recent survey by Nationwide, it was found that 12% of the population had been put off moving as a result of the lockdown.

  • Further interesting results from the survey showed that over one third of people are also reconsidering what is important to them in their next home. The importance of having a garden, the need to more indoor space and a supportive community feel came out as highly important factors to consider.

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.

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