The Nationwide Building Society has published its latest report into the UK’s housing market, with September’s data showing that home prices are continuing to grow at the highest rate since 2016. Annual price growth in Greater London has now edged to 5%, with the UK average rising 0.9% month-on-month.
Nationwide’s Chief Economist said, “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.”
Interestingly, around 10% of those surveyed in September said they were moving as a result of the pandemic, with a further 18% considering a move for the same reason. This pattern was evident across the country, especially in London, as shown in the chart below.
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