But they could bounce back in 2021 with growth of eight per cent. Nationwide data also showed values dropped 1.4 per cent month to month, with an average price of £216,406. Annual change: 4.9%% Source: ONS, January 2020
London shows, on average, house prices have risen by 1.2% since February 2020. Scroll on to find out how much house prices have changed in your area. A sharp uptick in sales and price growth was seen across the UK, with even the prime central London market seeing a reversal of a five-year-long price decline.“We [now] have to expect weaker economic activity in the first half of 2020, the dislocation in the jobs market and weakened consumer sentiment will impact on prices – however, the relatively finite timespan of the crisis means declines will be limited.”The agency only forecasts rents for prime central London, and it expected them to be flat in 2020, then rising 3% next year.Nationwide building society issued its monthly house price index at the end of last week, showing a more than £3,000 surge in the average price of a home in Britain in March, the fastest pace for two years. Barclays’ baseline scenario is house price growth of 0.6 per cent this year, recovering to two per cent growth in 2020. “It is clear that many overseas buyers are yet to return to the market,” Lucian Cook, Savills head of residential research, said. The survey also found that buyers started to return to the market in June.A net balance of 61 per cent of RICS members reported a rise in new buyer enquiries in June following a result of minus 94 per cent the previous month.UK bank Halifax welcomed the government’s stamp duty cut.However, most recently it announced that prices fell at their sharpest quarterly rate since 2009. That is when the UK could approach a cliff-edge end to its Brexit negotiations.“There is likely to be a rise in unemployment,” Archer added. However, chancellor Rishi Sunak attempted to breathe new life into the property market by raising the stamp duty threshold from £125,000 to £500,000 until the end of March 2021.Only in April Rightmove had warned there was “not a functioning housing market” after buyers could not visit houses during lockdown.The coronavirus blow came just as UK house prices began to recover from uncertainty caused by Brexit at the end of 2019.And property prices posted an annual fall for the first time since 2012 in June. The bank’s expected worst point is a house price drop of 1.5 per cent, it said in its half-year financial results.This field is for validation purposes and should be left unchanged.
House prices in prime outer London locations are also expected to drop five per cent in 2020.