Friday News #077 – Strong recovery in UK housing market, says Nationwide

Friday News#077 – 2nd of October 2020

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Here’s what we’ve seen in the news this week:

Strong recovery in UK housing market, says Nationwide: UK house prices rose by 5% in September compared with a year ago, the Nationwide says, as the property market saw post-lockdown demand continue. The annual rate of growth is the highest for four years, according to figures based on the Nationwide’s lending data. Read more from the BBC.

The private rental market ‘still isn’t showing any signs of slowing down’: The number of new prospective tenants continued to increase last month, reaching an all-time high, according to ARLA Propertymark’s latest PRS report. Read more.

UK mortgages hit 13 year-high but consumers curb other borrowing: British mortgage approvals hit their highest in almost 13 years in August, underscoring the scale of the post-lockdown bounce-back in the housing market, but consumers turned more cautious about day-to-day borrowing, Bank of England data showed. Read more.

House prices will rise 2% this year – but growth likely to stall in 2021: House prices are expected to have risen by 2% in mainland UK by the end of the year – but growth will stall in 2021, according to new research. The housing market’s rapid recovery following lockdown sparked a rapid price spike in some parts of the country, according to the figures from Hamptons International. Yorkshire & the Humber (2.5%) and the North West (2.5%) will see the strongest house price growth in 2020. Read more.

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