The average sale price of a house in the UK is now £227,826, the country’s highest ever figure, reported Nationwide.
House prices grew by 5.8% year-on-year in October 2020, the biggest increase since January 2015. The stamp duty relief scheme is said to play a significant role in the big boost, as the savings have encouraged thousands to buy or sell property.
Robert Gardner, Nationwide’s chief economist, commented: “Behavioural shifts as a result of Covid-19 may provide support for housing market activity, while the stamp duty holiday will continue to provide a near-term boost by bringing purchases forward.”
“However, activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.”
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