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House prices predicted to rise by 1.9% in three months

17 July 2020 | General

UK property prices are expected to rise by 1.9% between June and September, reallymoving’s house price forceast research has found.

There has been a surge in buyer demand after the lockdown has lifted, which could increase following the government’s launch of the stamp duty holiday.

Rob Houghton, chief executive of reallymoving, said: “Buyers took a cautious approach when the housing market first reopened, but we’re now seeing a clear surge in activity levels and a corresponding rise in sale prices being agreed.

“There is little positive economic news on the horizon, but buyers who are confident in their jobs and financial position may be deciding to press ahead now rather than wait indefinitely – especially as many have already held off for months or even years awaiting a Brexit resolution.

“Low interest rates and the Chancellor’s stamp duty giveaway in England and Northern Ireland will encourage them further.

“The longer-term outlook of the housing market remains unclear though and much will rest on the success of the government’s investment in job creation and economic support, particularly after the furlough scheme and mortgage payment holidays come to an end.”

Average prices are expected to rise from £308,280 in June to £314,235 in September 2020 based on the number of homebuyers registering for quotes for home move services.

Average prices are set to dip by 1.4% in August 2020, the first annual price fall in thirteen months (excluding data from April and May when transaction volumes were too low to be reliable), before returning to positive territory in September with 4.7% annual growth.

This post has originally been featured in Property Wire.