United Kingdom Housing September 2020

United Kingdom

United Kingdom: House prices continue to increase in September

September 30, 2020

According to the Nationwide Building Society (NBS), house prices in the United Kingdom rose 0.9% month-on-month in September, down from August’s 2.0% rise. September’s increase was supported by pent-up demand following the easing of Covid-19 measures, and the stamp duty holiday. In addition, Robert Gardner, Nationwide’s chief economist, stated that “behavioural shifts may also be boosting activity as people reassess their housing needs and preferences as a result of life in lockdown”. On an annual basis, house prices were up 5.0% (August: +3.7% year-on-year). The average house price in September was GBP 226,129.

However, the positive picture may not last, given the expected marked weakening of the labor market over the next few months as the furlough scheme ends.

Author:, Economist

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United Kingdom Housing Chart

United Kingdom Housing September 20 20

Note: Average price of a typical property in the U.K. and seasonally-adjusted month-on-month variation in %.
Source: Nationwide Building Society (NBS).

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