According to figures released last week by Halifax, July 2020 has seen average house prices in the UK rise to the highest levels since the lender’s house price index began.
Data found by Halifax showed that the average UK house price has increased to an incredible £241,604. This is an increase of 1.6% since June and 3.8% higher compared to this time last year.
Managing Director of Halifax, Russell Galley, stated: “The latest data adds to the emerging view that the market is experiencing a surprising spike post-lockdown.
Supported by the government’s initiative of a significant cut in stamp duty, and evidence from households and agents suggesting that confidence is currently growing, the immediate future for the housing market looks brighter than many might have expected three months ago.”
Despite the positive statistics, Galley warned of economic uncertainty which could affect the housing market in upcoming months.
Galley said: “As government support measures come to an end, the resulting impact on the macroeconomic environment, and in turn the housing market, will start to become more apparent. In particular, a weakening in labour market conditions would lead us to expect greater downward pressure on prices in the medium-term.”
It is clear to see that, after months of being restricted to staying within the same four walls, people have and continue to consider a change of scenery and what type of home they want to inhabit within the current climate. As more and more people switch to working from home permanently, it is likely that those considering moving to fit new needs will increase.
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