Search Acumen comments on Halifax’s House Price Index for July 2020

Andy Sommerville, director at Search Acumen, comments on the publication of the Halifax’s House Price Index for July 2020.

Andy Sommerville said:

“This latest data shows the UK property market’s recovery is continuing to gather momentum.

“The uptick in house prices may have been partly driven by households viewing their financial position more positively. People fortunate enough to return to work are likely to have greater visibility over their long-term finances, meaning they can commit to larger asset purchases, such as property.

“Some people are also increasingly reassessing their housing needs due to spending prolonged periods at home, in some cases prompting them to move out of cities to the countryside in pursuit of outdoor spaces.

“As demand surges and the government shakes up the planning sector, now is the time to put data at the heart of the property market. By improving access to accurate land and property data at the start of the sales process, we can ensure the property market is firing on all cylinders, which will help speed up the UK economy’s recovery.”

The Halifax House Price Index can be read here.

Kindly shared by Search Acumen

Main article photo courtesy of Pixabay