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- UK’s house prices rise 5.0 percent y-o-y in September - Nationwide
UK’s house prices rise 5.0 percent y-o-y in September - Nationwide
The report from the Nationwide Building Society showed that the house prices in the UK rose 5.0 percent y-o-y in September after gaining 3.7 percent y-o-y in August. That was the biggest growth since September 2016 and exceeded economist forecast of 4.5 percent y-o-y advance.
On monthly
basis, the house prices rose 0.9 percent in September, following a 2
percent jump in August.
“Housing market
activity has recovered strongly in recent months. Mortgage approvals for house
purchase rose from c66,000 in July to almost 85,000 in August - the highest since
2007, well above the monthly average of 66,000 prevailing in 2019,” noted
Robert Gardner, Nationwide's Chief Economist. “The rebound reflects a number of
factors. Pent-up demand is coming through, with decisions taken to move before lockdown
now progressing. The stamp duty holiday is adding to momentum by bringing
purchases forward. Behavioural shifts may also be boosting activity as people
reassess their housing needs and preferences as a result of life in lockdown”.
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