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What’s New With The U.K. Housing Market?

The housing prices in the U.K. as of October have risen above a quarter of a million pounds for the first time in its history due to rising demand resulting from the COVID-19 pandemic.

 

In October the average price of housing nationwide rose 7%year-over year to £250,457 GBP ($329,444 USD) which is the best growth rate since June of 2016 according to a report from Halifax (the Bank of Scotland’s trading division). In comparison to the numbers from September are up by 0.3 percent.

 

Russell Galley, Halifax’s managing director said this in the report: “Overall, we saw a broad continuation of recent trends with the market still predominantly being driven by home-mover demand for larger houses” though he followed up later by saying: “With a number of clear headwinds facing the housing market, we expect to see greater downward pressure on house prices as we move into 2021.”

 

However, managing director of the real estate brokerage firm Barrows and Forrester, James Forrester disagrees saying: “While the nation continues to wobble over the economic turmoil posed by the current pandemic and a second lockdown, the U.K. housing market is using these headwinds of uncertainty to fill her sails as house prices continue to climb ever higher,”

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