House prices jump as the market bounces back but experts fear ‘a false dawn’

House prices jump as the market bounces back but experts fear ‘a false dawn’

Property values were up 1.7 percent compared to last month, and were 1.5 percent higher than the same period last year, a survey revealed.

The Nationwide Building Society said that the average price of a home sold in the last month was £220,936, up from £216,403 in June.

But the institution’s chief economist Robert Gardner said that pent-up demand came through in July as the lockdown eased.

He said: “The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.”

Sentiment In May, a survey by the building society found that around 15 percent of people were contemplating a move because of their new locked-down lives.

But Mr Gardner warned homeowners not to assume the market has recovered just because of one good set of results. He said: “There is a risk this proves to be something of a false dawn.

Published at Sat, 01 Aug 2020 11:55:00 +0000