According to the latest data from Nationwide, house prices have continued their post-lockdown recovery, reaching their highest monthly rise in August for more than 16 years.<\/p>\n\n\n\n\n\n\n\n
Prices rose by 2 per cent in August compared to July or 3.7 per cent compared to a year ago, highlighting a rapid recovery for properties since lockdown restrictions were eased.<\/p>\n\n\n\n
The increase represents the highest since February 2004 when property prices increased by 2.7 per cent, and the average house price now stands at \u00a3224,123.<\/p>\n\n\n\n
Experts believe this can be attributed to several factors, including the release of pent-up demand after the lockdown, as well as people reassessing where they want to live after being forced to stay at home.<\/p>\n\n\n\n
It is also thought that the stamp duty holiday announced by the Government in July will have played a key role in the market upturn.<\/p>\n\n\n\n
The news is unwelcomed by First-time buyers, with many will struggling with securing a mortgage as lenders tighten their criteria for offering a loan. They are being forced to turn to large deposits in a bid to get on the ladder.<\/p>\n\n\n\n
Nationwide’s Chief Economist Robert Gardner said: „House prices have now reversed the losses recorded in May and June and are at a new all-time high.<\/p>\n\n\n\n
„The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.”<\/p>\n\n\n\n
For help and advice, contact our expert team at Ardens Solicitors today.<\/strong><\/p>\n \t","protected":false},"excerpt":{"rendered":" According to the latest data from Nationwide, house prices have continued their post-lockdown recovery, reaching their highest monthly rise in August for more than 16 years.<\/p>\n","protected":false},"author":1,"featured_media":309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":""},"categories":[14],"tags":[],"yoast_head":"\n