House prices rose in September at the fastest annual rate since the aftermath of the Brexit vote in 2016, according to the UK’s biggest building society, as buyers continued to take advantage of a benign market despite the coronavirus pandemic.
The average UK house price rose by 5% in September compared with the same month last year, to £226,129 – a record high, Nationwide reported.
The pandemic has shaken up the housing market, with the return of demand after the UK-wide lockdown and temporary cuts to stamp duty helping to sustain sales even as economists forecast a significant increase in unemployment over the coming quarter.
Prices rose by 0.9% month on month in September after jumping by 2% in the previous month as housing market activity surged, Nationwide said. Separate data published on Tuesday by the Bank of England showed that mortgage approvals during August had risen to the highest