22 Aug UK House Price Index Published After Suspension Due to COVID-19, and It’s Good News for Buyers!
The UK Housing Price Index (HPI) is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. Therefore, the price data feeding into the March 2020 UK HPI will reflect those completions that occurred before the government measures to reduce the spread of coronavirus were enforced.
Since May 2020 following the decision to suspend the index as a result of the coronavirus (COVID-19) pandemic and the effect it had on the reporting of the data, this is the first publication of the UK House Price Index.
The April data shows:
- On average, house prices have fallen by 0.2% since March 2020
- There has been an annual price rise of 2.6%, which makes the average property in the UK valued at £234,612
This, coupled with the SDLT holiday, makes it the perfect time and opportunity to take advantage and buy what could be your first home and get your foot on the property ladder.
At Moneywise Conveyancing, we aim to ensure your purchase runs as smooth as possible to ensure you can relax throughout the experience.
Visit https://www.gov.uk/government/news/uk-house-price-index-for-april-2020?L for more details on the figures released and further information regarding the HPI released on 19th August 2020.