UK Housing Price and Market Update for September 2020
Monthly Change
+ 0.9%
Quarterly Change
+ 1.7%
Annual Change
+ 5.0%
Average Price Paid
£226,129
Annual price growth increased to 5% in September, representing the highest annual growth since 2016.
Mortgage approvals rose to c.85,000 in August which is the highest rate since 2007.
Decisions to move home following the initial UK lockdown period are beginning to progress, aided by savings attributed to the reduced Stamp Duty rates. However, these are being passed on with the increase in house prices.
With the impact of the pandemic on the employment market yet to be fully established, younger people are more likely to have their moving plans put off than older generations seeking to move.
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.