According to a statement from the Nationwide Building Society, the downward turn in property prices that we experienced throughout the lockdown, particularly in May and June has turned around with prices reaching a record high in August with the society’s latest house price index indicating a 2% month on month rise.
“The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions and furthermore, social distancing does not appear to be having as much of a chilling effect as we might have feared, at least at this point.” said Robert Gardner, chief economist at Nationwide.
The 8th of July Government statement, temporarily removing stamp duty up to £500,000 has also had the desired effect, boosting house prices with more buyers looking to take advantage of the stamp duty holiday before it ends next spring.
The Nationwide went on to say that whilst the property bounce back is most welcomed, rising unemployment as a direct result of the pandemic, along with the ending of furlough schemes etc, could well temper the growth that we are currently seeing.
Whilst the mortgage industry remains cautious through out this turbulent time, there are still good mortgage deals available. Asset Harbour have access to many deals not available on the high street, so give us a call on 01276 986333, if you are looking to take advantage of the Stamp Duty holiday.