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United Kingdom Housing February 2021

United Kingdom: House price growth picks up in February

According to the Nationwide Building Society, house prices in the United Kingdom rose 0.7% month-on-month in February, contrasting January’s 0.2% drop. On an annual basis, house prices were up 6.9%, above January’s 6.4% rise. The average house price in February was GBP 231,068. Improved consumer sentiment coupled with rock-bottom interest rates and households’ increased demand for more spacious properties due to home working likely supported the market.

Looking ahead, the Chancellor announced the extension of the stamp duty holiday until end-June and reduced property tax until end-September, which should prop up demand in the near term. However, a likely increase in unemployment over the coming quarters could weigh on the property market somewhat.

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