The average price of a house in the UK hits £250,000 for the first time as the market shows no sign of cooling.
According to the latest index produced by the Nationwide, prices have grown 0.7% in the past month and the annual house price inflation is 9.9%- meaning the typical home has appreciated £30,000 during the period of the pandemic.
“Demand for homes has remained strong, despite the expiry of the stamp duty holiday at the end of September. Indeed, mortgage applications remained robust at 72,645 in September, more than 10% above the monthly average recorded in 2019” explains Nationwide’s chief economist Robert Gardner.
He says these factors, combined with a lack of homes on the market, show why price growth has remained robust. “The outlook remains extremely uncertain. If the labour market remains resilient, conditions may stay fairly buoyant in the coming months – especially as the market continues to have momentum and there is scope for ongoing shifts in housing preferences as a result of the pandemic to continue to support activity” he continues.
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