October 2020 House Price Update
UK Housing Price and Market Update for October 2020
Average Price Paid
Annual price growth increased to 5.8% in October, representing the highest annual growth since Jan 2015.
Mortgage approvals rose to 91,500 in September which is the highest rate since 2007.
Behavioural shifts seem to be supporting housing market growth as homeowners reassess their housing needs. Based on the Nationwide survey in September, 10% of people surveyed were in the process of moving home due to the pandemic. Almost a further 20% were considering moving due to the same reason.
The stamp duty holiday is expected to continue to support housing market activity in the short term.
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.