Published On: Sat, Aug 1st, 2020

Property market: House prices jump as market bounces back but experts fear ‘false dawn’ | City & Business | Finance

Property values were up 1.7 percent compared to last month, and were 1.5 percent higher than the same period last year, a survey revealed.

The Nationwide Building Society said that the average price of a home sold in the last month was £220,936, up from £216,403 in June.

But the institution’s chief economist Robert Gardner said that pent-up demand came through in July as the lockdown eased.

He said: “The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.”

Sentiment In May, a survey by the building society found that around 15 percent of people were contemplating a move because of their new locked-down lives.

But Mr Gardner warned homeowners not to assume the market has recovered just because of one good set of results. He said: “There is a risk this proves to be something of a false dawn.

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