United Kingdom: House prices continue to rise in April
May 1, 2020
According to the Nationwide Building Society (NBS), house prices in the United Kingdom rose 0.7% month-on-month in April, down from March’s 0.8% increase. On an annual basis, house prices rose 3.7%, up from 3.0% in March and marking the fastest growth since February 2017. The average house price in April was GBP 222,915 (April 2019: GBP 214,920).
However, the figures did not reflect the full effect of Covid-19, and the housing sector will be severely impacted going forward by lockdown measures and higher unemployment. House prices could drop this year as a result, although discerning clear price trends could be made difficult in coming months by the lack of transactions.
Author: Oliver Reynolds, Economist