Official figures confirm jump in UK house prices
UK house prices jumped in June after the property market reopened and a wave of pent-up demand was released, the government’s Land Registry has confirmed.
Average house prices in the UK rose by 3.4 per cent in the year to June 2020, official figures showed. That was up from the 1.1 per cent increase in the year to May.
The Land Registry and Office for National Statistics (ONS) suspended the monthly house price index in May. It said that the coronavirus lockdown meant gathering accurate data for April and May would be too difficult.
But it has now reopened the index and will publish it more regularly to catch up to August’s figures.
The new data confirms what more up-to-date surveys have shown: that the UK housing market is enjoying a relative boom despite the coronavirus pandemic causing the worst downturn in memory.
The Land Registry said that UK house prices grew 2.7 per cent in June compared to a month earlier.
House price growth was strongest in England. Prices increased by 3.5 per cent over the year to June 2020, the Land Registry said. In London, prices grew 4.2 per cent on average year on year.
Within England, the highest annual growth was in the East Midlands where average house prices grew by 4.5 per cent. The North East saw the lowest annual growth was in the North East, where prices increased by 1.7 per cent over the year.
It follows gauges from Halifax and Nationwide that showed UK house prices hit all-time highs in August. The property market has been supported by pent-up demand and the chancellor’s stamp duty holiday.
However, Halifax cautioned that prices were “unlikely” to continue on their current path, with rising unemployment set to catch up with the market.