UK House Prices at Record High

The Nationwide Building Society has revealed that the British house prices have risen by 1.8% in the last month.  That makes the average UK property worth £224,123 in the period since the lockdown was eased.

Losses in the housing market have been reversed since May and June, with house prices now at an all-time high.

Robert Gardner, Nationwide’s Chief Economist, said: “The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.

“This rebound reflects a number of factors. Pent up demand is coming through, where decisions taken to move before lockdown are progressing.

“Behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of life in lockdown.”

The housing market has also received a boost by the announcement of the stamp duty cut by Rishi Sunak to drive sales post lockdown. There has been the biggest rise in number of properties in the southern commuter belt, thanks to the holiday on stamp duty, according to new data from Rightmove.

Property expert, Henry Pryor commented: “My advice would be if you want to sell, get on, make the most of the post-lockdown bounce and find a buyer — even if this means having to rent before you buy somewhere else or delaying the completion date so you have time to look.

“But I wouldn’t be in any rush to buy. I’d wait to see what happens to prices later this year.”

It has also been revealed that the layout of your home could negatively impact the asking price of your house.  A recent survey by Mira Showers, has shown that having a bathroom that is accessed via the kitchen can knock off thousands of the asking price.

Bathrooms attached to kitchens are usually found in old terraced houses but they have become less appealing in the modern market with nearly half of Brits admitting they’d offer a staggering £7,000 less if they viewed a house with a bathroom attached to the kitchen.