May 2020 House Price Update
UK Housing Price and Market Update for May 2020
Average Price Paid
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.