Posted on Sep 7, 2020

The Mortgage Bureau

UK house prices recorded the fastest monthly increase for 16 years in August. Rising by 2 % in August compared to July, according to the Nationwide House Price Index. This was the fastest month-on-month rise since 2004.
Over the year, house prices increased by 3.7 % to £224,123 compared to August 2019.
House prices reversed losses recorded in May and June to reach a new all-time high. The bounce back reflects an unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.
The rebound is thought to be driven by factors including pent-up demand and people reassessing their housing needs as a result of life in lockdown. Research suggests that 15% of people were considering moving owing to lockdown
The trend is expected to continue in the short-term, helped by the stamp duty holiday. However most forecasters expect labour market conditions to weaken significantly in the quarters ahead. This would likely dampen housing activity once again.
There is a chance we’re experiencing a mini-boom ahead of the real after-effects of the pandemic. The Government and Lenders need to think of ways to ensure the market remains accessible to all.
If you need assistance with you mortgage in Cambridge call The Mortgage Bureau on 01223 656412.

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