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Annual house price growth at four-year high before stamp duty cut

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Written by: Shekina Tuahene
20/07/2020
House prices in July increased 3.7% annually, the largest yearly rise since December 2016, data from the Rightmove House Price Index showed.

Compared to March, UK average asking prices have grown by 2.4% from £312,625 to £320,265 in July. 

Scotland saw the biggest change in price since March, with a 4.5% increase to £166,322, followed by Yorkshire and Humber which saw a 4.1% increase to £204,050. 

London prices saw the smallest change since March, with prices rising by just 0.5% to £641,854. 

Miles Shipside, Rightmove director and housing market analystsaid: “The unexpected mini-boom continues to gather momentum as more nations reopen.  

The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.

These figures are the earliest indicator of house price trends. They show on average prices gently rising not falling, and this will be reflected in the coming months in other house price reports.  

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