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UK News House prices rise by another £1,700 in just a month

13:25  30 october  2020
13:25  30 october  2020 Source:   dailymail.co.uk

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House prices have soared up by £ 1 , 700 a month . Miles Shipside, director of Rightmove, said: “Whilst a fall is the norm at this time of year, this is December’s best post-financial-crash performance, signalling another round of price rises in 2016. “Despite the shortage of suitable stock in many parts

HOUSE prices have rocketed to near-record levels this month after buyers came back with a bang following Brexit. Property website Rightmove reports that house costs have risen by £ 2,623 in just one month - sending prices soaring to £ 309,122 for an average home in England and Wales.

chart, line chart: MailOnline logo © Provided by This Is Money MailOnline logo

House prices have risen at their fastest pace in almost six years but economists said the housing market mini-boom could slow, 'perhaps sharply', in the coming months as unemployment is set to rise.

Nationwide reported the average price of a UK home hit a new record high of £227,826 in October after rising 5.8 per cent over the past 12 months, the highest rate of growth since January 2015.

Prices rose by another near-£1,700 in just a month, or 0.8 per cent, according to the latest index from the mortgage lender.

Britain's biggest mutual said the market is being supported by a combination of pent-up demand released after the lockdown market freeze, the stamp duty cut, and home workers looking to 'upsize' to larger properties.

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The average house price in Montpelier Rise , London NW11 is £ 796,088. Find average house prices , current average values, other historic The average price for property in Montpelier Rise stood at £ 796,088 in February 2020. This is a rise of 1 .93% in the last three months (since November 2019)

House prices rose by 1 . 1 per cent during July in a further sign that conditions in the property market are improving, figures from Halifax showed today. The average increase was the second rise in the past three months and leaves prices in the three months to July 0.8 per cent higher than in the

a group of people walking down a street next to a traffic light: On the rise: House prices jumped by another near-£1,700 in just a month, Nationwide said © Provided by This Is Money On the rise: House prices jumped by another near-£1,700 in just a month, Nationwide said

In a further sign that the market is booming, mortgage approvals rose to their highest level since 2007 last month, with banks handing out 91,500 home loans, figures by the Bank of England released yesterday have showed.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'With mortgage approvals rising to the highest level since 2007, it is no surprise that property prices continue to rise on the back of higher demand.'

It comes as the monthly RICS residential monthly survey for September suggested that there was still 'a strong upturn in activity across the market', with house prices looking stronger than at any time in the last 18 years.

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The towns where house price rises covered annual train costs in little more than a week. Homeowners in Esher, Surrey, who commute into London fared best as they Price rises in Surbiton, Surrey, pay of the yearly rail fare of £ 1 ,852 in just under a fortnight - this property in the town is for sale for £ 700 ,000.

Annual house price inflation rose to 7.2 per cent in December, ONS says. Average home up by £ 15,000 in 2016 to hit £ 220,000 It's wild, windswept, just a touch chilly – and it’ll take you 13 hours to get there by ferry from the mainland. House prices rose by £ 1 ,250 a month in 2016, official

However, the question whether this boom is going to last or not remains.

Nationwide's chief economist, Robert Gardner, said: 'The outlook remains highly uncertain and will depend heavily on how the pandemic and the measures to contain it evolve, as well as the efficacy of policy measures implemented to limit the damage to the wider economy.

'Behavioural shifts as a result of Covid-19 may provide support for housing market activity, while the stamp duty holiday will continue to provide a near-term boost by bringing purchases forward.'

But he believes that  'activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.'

chart, line chart, histogram: House prices rose 5.8% in the year to October, the fastest rate of growth since January 2015 © Provided by This Is Money House prices rose 5.8% in the year to October, the fastest rate of growth since January 2015

He points to data suggesting that the economic recovery has lost momentum in recent months, with economic growth slowing sharply to 2.1 per cent in August, down from 6.4 per cent in July, despite a strong boost to the hospitality sector from the Eat Out to Help Out scheme, which has since expired.

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HOUSE prices rose £ 2,375 in just one month in August to reach another record high average of near £ 222,300, according to Britain’s biggest mortgage House prices reached another record high average of near £ 222,300. Make the most of your money by signing up to our newsletter for FREE now.

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Meanwhile, labour market conditions have worsened, with the unemployment rate rising to 4.5 per cent in the three months to August, up from an average of 3.8 per cent in 2019.

Harris said: 'The stamp duty holiday has clearly stimulated the market, combined with the impact of Covid and the desire for people to move somewhere with more outside space.

'The end of the stamp duty deadline is a concern, and needs looking at by the Government, although it is focusing buyers' minds on getting deals done in the short term.'

Concerns have been raised that potential buyers may simply pull out of transactions in early 2021 if it looks like they will not meet the stamp duty deadline.

In a letter to the Chancellor Rishi Sunak today, industry bodies have warned sales could fall off a cliff when stamp duty holiday ends on 31 March next year, and called for the cut to be extended to allow them time to deal with the pent-up demand.

Nicky Stevenson, managing director at estate agents Fine & Country, said the jump in prices is 'completely atypical' for this time of the year, when the market generally slows down.

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The average house price in Jesmond Way, Stanmore HA7 is £ 857,961. Find average house prices , current average values, other historic The average price for property in Jesmond Way stood at £ 857,961 in February 2020. This is a rise of 1 .66% in the last three months (since November 2019)

The New Housing Price Index (NHPI) measures the change in selling prices for new homes. It is a leading indicator of health in the housing sector. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish

He added: 'The only slight word of caution is that, because this data is based on mortgage approvals, it is possible that some of these deals could fall through due to the high number of transactions slowing the conveyancing process, threatening to strip buyers of their stamp duty tax break.'

Growing evidence from a raft of other surveys and experts shows activity has also been boosted by buyers searching for homes with more space during the coronavirus crisis.

Nationwide said that a poll it carried out in September showed that around 10 per cent of those surveyed said they were in the process of moving as a result of the pandemic, with a further 18 per cent considering a move for the same reason.

This pattern was evident across the country, especially in London.

chart, line chart: The rise in house prices continues to stretch affordability for many people © Provided by This Is Money The rise in house prices continues to stretch affordability for many people

Of those moving or considering a move, around a third were looking to move to a different area, while nearly 30 per cent were doing so to access a garden or outdoor space more easily.

However Lucy Pendleton, from estate agent James Pendleton, said they have seen a softening in demand for homes with outside space and gardens over the past couple of months.

But she noted: 'This always happens as we hit autumn, as the inclement weather adjusts buyers' natural focus away from the stage for summer parties and barbecues to cosy interiors.'

'The pandemic and subsequent lockdown hasn't been enough to end this trend.'

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