House prices up 5.8% year-on-year

Figures from Nationwide show house prices have risen at their fastest pace in almost six years, jumping 5.8% year-on-year in October. This marks the highest rate of growth since January 2015. Month-on-month prices were up 0.8%, with the average house price hitting a new record high of £227,826. Nationwide's chief economist, Robert Gardner, says the outlook remains “highly uncertain”, saying much depends on how the coronavirus pandemic and measures to contain it play out. He also suggested the “efficacy of policy measures implemented to limit the damage to the wider economy” will have an impact. Mr Gardener says activity is “likely to slow” in the coming quarters, “perhaps sharply”, adding that the end of the stamp duty holiday in March 2021 will be a factor.

BBC News (30/10/2020)   The Daily Telegraph (30/10/2020)   The Times (30/10/2020)  The Guardian (30/10/2020)