House Prices Reach Six-year High in December

Despite the housing market grinding to a complete halt earlier this year thanks to the Covid-19 pandemic, property prices have ended the year on a six-year high, according to the latest figures from Nationwide building society.

The lender found that annual growth reached 7.3 per cent in December, as the stamp duty holiday and pent-up demand, combined with a desire for more living space, continues to push up prices. All regions saw a pickup in house price growth rates in the fourth quarter of the year, with the East Midlands proving to be the strongest region.

Government measures, such as the stamp duty holiday, the furlough scheme, and encouraging lenders to lend, have provided a real boost for the housing market. With mortgage rates remaining at all-time lows, and the recent return of a number of lenders to 90 per cent loan-to-value products, this situation is unlikely to change anytime soon.

The challenge now for many buyers is trying to complete before the stamp duty holiday ends in March. Advice as to which lenders are best equipped to process applications in a timely manner, is more important than ever – a whole-of-market broker, such as AWS, can advise as to the best lender to approach. Please get in touch for more information.
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