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House Prices Dip

Sell My House Quickly in Shepherd’s Bush

Sell My House Quickly found another interesting article about Shepherd’s Bush. House prices dip in UK in January: Nationwide. Nationwide said they dropped by a monthly 0.3% in January, slowing annual growth to 6.4% from 7.3% in December, which was the biggest jump in six years.

LONDON: British house prices fell for the first time in seven months in January before the end of a tax cut for buyers on March 31, mortgage lender Nationwide said on Tuesday, adding that the market could weaken sharply.

House prices jumped in 2020 after Britain’s first coronavirus lockdown last spring, helped by finance minister Rishi Sunak’s decision to suspend purchase taxes on properties worth up to 500,000 pounds ($684,400.00) and by people seeking bigger homes in response to the lockdown restrictions.

House Prices DipBut Nationwide said they dropped by a monthly 0.3% in January, slowing annual growth to 6.4% from 7.3% in December, which was the biggest jump in six years.

Economists polled by Reuters had expected a monthly increase of 0.3% in January and a 6.9% rise in annual terms.

A Reuters poll of analysts published on Tuesday showed prices were expected to flat-line this year before rising by 2.7% in 2022.

But Howard Archer, an economist with the EY ITEM Club, a forecasting firm, said house prices could fall by about 5% by the end of 2021.

Nationwide

British media have reported that Sunak might extend the tax break, alongside more support for the labour market, as he seeks to help the economy through the COVID-19 pandemic.

His existing emergency measures for the current financial year will cost more than 280 billion pounds, putting the government on course for its biggest-ever peacetime borrowing.

Samuel Tombs, an economist with Pantheon Macroeconomics, said other options to help the housing market included a relaxation of mortgage affordability rules by the Bank of England or a new government mortgage-guarantee scheme.

We found this article about House Prices Dip on ET Realty.Com. Kindly click the link to read the full story.

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