The Strategist

UK property prices in August show strongest growth since 2004

09/03/2020 - 03:17

The average price for real estate in the UK rose 2% in August, to £ 224 thousand ($ 299 thousand), the largest British construction company Nationwide reported on Wednesday.

This is the strongest monthly growth since 2004. In comparison with the level of August last year, the average property prices increased by 3.7%.

The rise in prices, despite the beginning of the recession in the UK, contributed to the deferred demand for housing, record low rates on mortgages and temporary cancellation of some fees for purchases of real estate worth less than £ 500 thousand ($ 666 thousand).

According to experts, there are some changes in the preferences of people who buy real estate now. Coastal and suburban property prices are rising fastest as buyers plan for a new work-life balance based on fewer commutes and a desire for more greenery and air, cleaner air and better value for money, says Jonathan Hopper, CEO of Garrington Property Finders, a real estate company.