UK house prices soar by 5% in September as mortgage approvals hit 13-year high

UK house prices were up 5%, the highest growth rate in four years, in September year on year, according to the Nationwide Building Society’s lending data.

Mortgage lending also rose, reaching a 13-year high, as the property market experienced increased post-lockdown demand.

However, job loss fears and tighter mortgage lending criteria forced many young people to delay buying a property.

Activity has partly increased due to the temporary stamp duty holiday, which means no tax is paid on the first £500,000 of all property sales in England and Northern Ireland until the end of March.

However, some estate agents are saying that there is a “mixed bag” of demand, with some properties selling faster than others, for instance four-bed houses with space for a home office.

London based agents are reporting a “buyers’ market” with room for negotiation on properties for sale in the capital. Maybe the new ‘work from home’ pattern is encouraging young people to move out of city centres, where they have more space and can afford larger properties?

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Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com