LONDON (Reuters) – British house prices rose by the most in four years in September when they jumped by an annual 5.0%, mortgage lender Nationwide said on Wednesday as a sharp rebound in the country’s housing market accelerated.
The increase was stronger than the median forecast of a 4.5% rise in a Reuters poll of economists and average prices hit a fresh record high.
Britain’s housing market has boomed since the coronavirus lockdown with a rush by some buyers for bigger houses outside of urban areas in the new work-from-home age combining with pent-up demand.
Nationwide said about 10% of people it surveyed in September were in the process of moving as a result of the pandemic, rising to 15% in London. A further 18% of those asked said they were considering moving due to the pandemic.
“Behavioural shifts may also be boosting activity as people reassess their housing needs