UK House Price Index report for August 2020

• The average house price of a property in the UK in August 2020 was £239, 196. The annual price change was 2.5%: the monthly price change (between July 2020 and August 2020) was 0.7%.

• With the house price growth of 2.8% in the year to August 2020, England topped the UK list by regions.

• London remains the most expensive region with house prices’ increase by 3.5% in the year to August 2020. The average #London house price (July to August 2020) stands at £489,159.

• The average property price for first time buyers in England, between July and August 2020, stands at £213,612.

The ONS comments that ‘ Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England. The beginning of 2020 saw a pick up in annual growth in the housing market before the coronavirus (COVID-19) restrictions were put in place at the end of March 2020.’

 The UK House Price Index report for August 2020  highlights findings from various sources such as RICS which brands the current market as ‘strong’ adding that most of its respondents forecast an increased demand for homes with gardens over the next two years. The overall number of sales transactions may be lower than a year ago, but the number of mortgages approved for house (larger property) purchases recorded in the month of August was the highest since October 2007. At the same time, the Property Market Q3 2020 report by TwentyCi states that ‘sales agreed in rural areas are up 47% compared with 19% in urban spots.’  These changes in the UK residential property market are the result of low interest rates, furlough payments, stamp duty holiday and the rising demand for the rural locations and dwellings with larger and flexible living space.

For the detailed HM Land Registry House Piece Index for August 2020 click HERE.

Sources:

HM Land Registry

ONS

TwentyCi

For our latest list of property available for sale in London click HERE