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