UK house prices saw their biggest rise in 11 years last month, with the market bouncing back as it reopened after the coronavirus lockdown. Nationwide said prices climbed 1.7% in July, the biggest increase since August 2009. The average price of a home sold in July was £220,936, up from £216,403 in June. Nationwide's chief economist Robert Gardner said: "The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions." However, he warned that July’s increase may prove to be “something of a false dawn”, saying that activity could be dampened if, as many forecasters expect, labour market conditions “weaken significantly” in the wake of the pandemic and as government support schemes wind down.
Sky News (31/07/2020) BBC News (31/07/2020) Daily Mail (31/07/2020) The Daily Telegraph (31/07/2020)