UK house prices rose by 6% last year, according to the Halifax, but the lender is predicting “downward pressure” on values in 2021.
The mortgage lender, part of Lloyds Banking Group, said that prices “soared” in the second half of 2020.
Pent-up demand, a clamour for more space, and stamp duty holidays led to higher prices.
But the Halifax said the economic realities of 2021 meant activity would slow as the year progressed.
“With the pace of the UK’s economic recovery expected to be constrained by the renewed national lockdown, and unemployment widely predicted to rise in the coming months, downward pressure on house prices remains likely as we move through 2021,” said Russell Galley, managing director at the Halifax.
Read More: BBC
Image by Arek Socha from Pixabay
Articles
Our latest blog articles
Do your rental properties need a landlord licence?
With so many regulations to comply with, it is easy for landlords to overlook, forget or be unaware of certain aspects which are required for their ro...
Why Sustainability Matters for Landlords
As a landlord, you are no stranger to the pressures of maintaining and improving your properties in line with shifting regulations. 2025 is a pivotal ...
EFFECTS OF BREXIT AND COVID-19 ON THE LETTINGS MARKET
On 31st January 2020, the UK officially left the European Union, a decision which came to be known worldwide as Brexit. This move marked unpredictabil...