‘False Dawn’ warning nationwide after UK home prices rose 1.7% | money

The UK’s largest building association reported a 1.7% price increase in July and warned the wrong dawn in the housing market.

Nationwide said the rebound was stepped up by the demands of those who wanted to move before the lock. After being trapped in the house for several months, there were additional demands from those who decided to move.

However, he said that if companies continue to duplicate people, the market may slow down at the end of the year.

The real estate market has been busy for weeks after it closed in mid-May. Real estate brokers and lenders have reported a surge in immediate activity, reinforced by the Secretary’s announcement of stamp duty holidays for property up to $500,000.

Nationwide figures show the average price of British homes at 220,936, which is higher than in June, but lower than the April figure of 222,915. As a result of seasonal adjustments, prices have fallen 1.6% over the past three months.

Robert Gardner, chief economist at Nationwides, said unexpected activity is rapidly recovering after the lockout limit was eased in July figures, and physical distance measurements do not have the effect some people feared.

Several factors are reflected in the activity rebound. Demand for pent-up is on the rise, and decisions made before the closure is underway, he said.

Behavior shifts can promote activity as people reevaluate housing needs and preferences as a result of closed life.

Gardner expected this trend to continue in the short term. This is because stamp holidays, in particular, have provided incentives for people to make plans. However, he said, there is a danger that this will be the wrong dawn.

Most predictors expect the labor market situation to weaken significantly quarterly as the consequences of the pandemic and the shrinking government support system. If this passes, it will weaken housing activity again in the coming quarter.

Lucian Cook, head of housing research for real estate company Savills, warned the market to be stronger than expected, but not to read too many figures in a month.

He said the market is currently being driven by people with household finance security, which can counteract lifestyle changes and want more space brought by the closing experience.

He said there have been strong sales returns to over half a million homes, lowering the market and taking longer to recover sales, and that the recession system could be strained and hit the end of the year.

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Capital Economics real estate economist Hansen Lu said in June that national figures would be accurate as mortgage loans recovered to 60% of normal. This meant that there was a lot of data based on the report.

The future outlook for housing prices is uncertain. The housing market is unlikely to be much stronger in the short term because of the mortgage and mortgage system, which is expected to end in the second half of this year.

The renewed price is expected to fall this year as the initial wave of pent-up housing demand cools down and the unemployment rate rises higher. At the same time, today’s data also reinforces our view that there will be few housing price conflicts.

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