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Thursday, November 26, 2020

UK Housing Market Recovering Strongly, Nationwide Says

According to the Nationwide, UK house prices rose by 5% during September compared to a year ago, with the property market continuing to see a post-lockdown demand.

Data collected by the building society shows the annual rate of growth is the highest in 4 years.

The society also stated that since corona virus restrictions on viewings were lifted, activity had ‘recovered strongly’

UK housing price rises

The Nationwide stated that there had been a 0.9% increase in UK house prices in September compared to August, and between July and September UK prices were up 1.7% compared with the previous quarter, with the average home costing £226,129.

The building society said in many areas of the UK, prices increased on a quarterly basis.

Despite this however, many commentators have warned of the medium term impact of the pandemic on the housing market.

Lucy Pendleton, from independent estate agents James Pendleton said: “[House price growth] can’t continue forever, and it is very likely indeed that we won’t see a higher annual growth rate this year.”

The Nationwide’s Mr Gardner said younger people were much more likely to have put off plans than older people, reflecting concerns about job prospects, particularly as government wage support becomes less generous.

It has also proven difficult for potential first time buyers to secure a mortgage due to being unable to offer a large deposit, with leaders taking a safety first approach out of default fears as finances are squeezed.

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