House prices surge to recover lockdown losses

House prices have leapt to record highs as the market booms after lockdown.

The price increases have erased declines experienced earlier in the year, as the housing market was put into lockdown.

The average UK price has now reached a peak of £241,604, according to Halifax’s monthly tracker.

The latest data adds to the emerging view that the market is experiencing a surprising spike post lockdown. As pent-up demand from the period of lockdown is released into a largely open housing market, a low supply of available homes is helping to exert upwards pressure on house prices
Supported by the government’s initiative of a significant cut in stamp duty, and evidence from households and agents suggesting that confidence is currently growing, the immediate future for the housing market looks brighter than many might have expected three months ago.

The stamp duty holiday and low mortgage rates are persuading buyers to take the plunge, particularly those who have put decisions to move on hold during Brexit uncertainty and then lockdown.

It is unknown how long this flurry of activity will continue, especially as the furlough scheme comes to an end, but for now things continue to move in the right direction.

You can read the full article here: https://www.mortgagesolutions.co.uk/news/2020/08/07/house-prices-surge-to-recover-lockdown-losses-halifax/

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