House price growth rebounds in July as activity bounces back

The latest UK House price index shows that, on average, house prices have risen by 1.7 per cent in July 2020, offsetting the 1.6 per cent fall in June.

Nationwide’s House Price Index – July 2020 reported a more dynamic housing market compared to previous quarters, reflecting demand for properties due to people moving as a result of life in lockdown.

A more dynamic housing market was reported by Nationwide’s House Price Index, compared to previous months in 2020, which reflects the demand for properties due to people moving as a result of life in lockdown.

Price growth

Overall house prices continue to increase by 1.7 per cent month on month, despite the disruption the pandemic has caused to the property market. The Stamp Duty/LTT/LBTT holiday announcement was thought to continue to act as a catalyst for an increase in completed property transactions.

In the UK, July’s data shows on average house prices sit at £220,936, representing an annual 1.5 per cent price increase on 2019 figures, and an increase of the average house price of £216,403 in June 2020.

Most recent figures show all UK regions saw modest annual price growth in Q2 of between 0 per cent and 5 per cent, taking April, May, and June together and compared with the same period of 2019. The North West was the strongest performing region, with annual price growth picking up slightly to 4.8 per cent.

Scotland was the strongest performing nation, with an annual price growth picking up to 4.0 per cent. Conditions remained subdued in Wales and Northern Ireland, which saw annual price growth of 1 per cent and 0.1 percent, respectively, which could be linked to those housing markets being the last to reopen after lockdown restrictions were lifted.

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