Post-lockdown boom prompts price surge of 8% between June and October
18 August 2020
By Andi Forsythe
Our latest House Price Forecast shows that with increased buyer activity and the Stamp Duty holiday, prices could rise by as much as 8.1% between June and October.
Dissatisfaction with existing homes during lockdown, significant pent-up demand from the spring when the market was stopped in its tracks and from previous Brexit uncertainty, topped off with the boost delivered by the Chancellor’s Stamp Duty giveaway, have combined to deliver remarkable levels of housing market activity. This could well be short lived however, if the wider economy and jobs market struggle to emerge from the current recession, alongside the impact of Covid-19.
Monthly Price Changes
Average house prices in England and Wales are on course to increase by 8.1% between June and October, from £308,280 to £333,331. The trend of post-lockdown growth is clear and shows a significant monthly surge in the value of deals agreed between buyers and sellers in June which will translate into 6% growth when those deals complete in September and a further 6.1% in October. Similar reports of heightened buyer demand have been reported across the market, with Countrywide, one of Britain’s largest estate agency groups, noting a 38% increase in buyers since the Stamp Duty announcement.
For more information, look at our House Price Forecast
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