The average house price has risen by 7.3% in a year as demand and mortgage applications have increased.
The average house price in the UK is now £249,870 according to the Halifax Property Index.
September 2020 saw a 1.6% rise from August and for the July to September quarter, house prices were up 3.3% then the previous April to June quarter.
September saw the strongest growth since June 2016 as house prices were 7.3% higher than in the same month last year.
We suggest this a temporary position driven by 'pent up' demand from the coronavirus lockdown. In addition, the stamp duty holiday is, in our opinion, pushing prices higher. It is inevitable with the end of the Furlough scheme replaced by the new Job Support Scheme at the end of this month that hundreds of thousands, if not over a million people could be made redundant over the coming months that house prices will fall again.