Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

House prices rose by 2.8% since May 2020

house prices

The annual price rise was highest for The East Midlands at 4.5%, while the North East saw the lowest annual price growth, with a rise of 1.7%

The Office for National Statistics (ONS) has reported that, In England, house prices rose on average by 2.8% since May 2020.

The annual price rise of 3.5% takes the average property value to £254,423.

The North West experienced the greatest monthly price rise, up by 4.3%, while the South East saw the lowest monthly price growth, with a rise of 1.6%.

Meanwhile, the East Midlands experienced the greatest annual price rise, up by 4.5%, and the North East saw the lowest annual price growth, with a rise of 1.7%.

Paul Stockwell, chief commercial officer of Gatehouse Bank, said: This is the first comprehensive look at the performance of the UK property market following lockdown, building on previous indices and reports of home finance application numbers edging closer to pre-pandemic levels.

He said, the 3.4% year on year rise in prices shows just how quickly buyers and sellers pushed on with their delayed transactions when the market reopened in June, driving demand even before the stamp duty discount was announced.

The East Midlands and the North West have performed particularly strongly. Meanwhile London recorded an annual 4.2% rise, despite suggestions many are leaving the capital in search of larger properties further afield where they can work from home, Stockwell said.

We can be optimistic that these shoots of recovery are just the beginning. Lenders have been exceptionally busy with an abundance of mortgage applications since the stamp duty announcement in early July incentivised buyers, and that healthy demand seems to be persisting as we enter the autumn, he said.

The ONS added that the lowest number of repossession sales in April 2020 was in the East of England, while the highest number was in the North West.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.