House prices forecast to rise 1.9% by September

Posted on Tuesday, July 21, 2020

House prices look set to increase by 1.9 per cent from June to September reaching an average of £314,235 across England and Wales, according to a forecast by Reallymoving.

On an annual basis, the website expects prices to fall by 1.4 per cent in August and then increase by 4.7 per cent in September compared to the same months last year.

Reallymoving bases its predictions on property details inputted by buyers who are seeking quotes for conveyancing and removal services.

Because buyers typically register with the site 12 weeks before their move date, Reallymoving says its figures can provide an accurate indication of future house price movements.

Chief executive Rob Houghton says: “Buyers took a cautious approach when the housing market first reopened, but we’re now seeing a clear surge in activity levels and a corresponding rise in sale prices being agreed.

“There is little positive economic news on the horizon, but buyers who are confident in their jobs and financial position may be deciding to press ahead now rather than wait indefinitely – especially as many have already held off for months or even years awaiting a Brexit resolution.

“Low interest rates and the chancellor’s stamp duty giveaway in England and Northern Ireland will encourage them further.

“The longer-term outlook of the housing market remains unclear though and much will rest on the success of the government’s investment in job creation and economic support, particularly after the furlough scheme and mortgage payment holidays come to an end.”

 

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