“The resilience seen in recent quarters seemed unlikely at the start of the pandemic. Indeed, housing market activity almost ground to a complete halt during the first lockdown as the wider economy shrank by an unprecedented 26 per cent,” said Robert Gardner, Nationwide’s chief economist.
“But, since then, housing demand has been buoyed by a raft of policy measures and changing preferences in the wake of the pandemic.”
The housing market has boomed this year as buyers have looked for bigger properties or homes with gardens after the spring lockdown closed the market completely.
The growth continued through the summer and even during the second wave of the virus in the autumn because sales and viewings were allowed to continue when the country faced further coronavirus restrictions in November.
BBC News
By Simon Read
UK house prices climbed 7.5% in 2020, the highest growth rate for six years, building society Nationwide found.
Prices ended the year 5.3% above the level prevailing in March, a resilience that seemed unlikely at the start of the pandemic, it said.
Housing demand has been buoyed by a raft of policy measures and changing preferences due to the pandemic.
House prices were 0.8% higher in December than November, with the average property valued at £230,920. The furlough and Self Employment Income Support schemes provided vital support for the labour market, while a host of measures helped to keep down the cost of borrowing and keep the supply of credit flowing, said Robert Gardner, Nationwide s chief economist.
| UPDATED: 14:38, Wed, Dec 30, 2020
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Nationwide released their monthly house price index this morning, marking the end of a surprisingly positive year for the property market. The latest figures suggest that annual house price growth surged to a six-year high of 7.3 percent at the end of the year. This is up from 6.5 percent last month, with prices rising 0.8 percent month-on-month, after taking seasonal effects into account.
London close: Stocks end lower as millions more enter Tier 4
Wed, 30th Dec 2020 16:57
(Sharecast News) - London stocks reversed earlier small gains to end lower on Wednesday despite news that AstraZeneca s Covid-19 vaccine has been given the green light and MPs passing of the Brexit deal, as millions more people in England were set to enter tougher Tier 4 restrictions.
The FTSE 100 closed down 0.7% at 6,555.82, having hit its highest level since March in the previous session as investors cheered the Brexit deal and US stimulus package. The index was also likely being hit by a stronger pound, which rose 0.7% against the dollar to 1.3599
New funding of £800 million is being guaranteed for the devolved administrations in Scotland, Wales and Northern Ireland to support people, businesses and public services with the ongoing impact of Covid-19.