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REFILE-UPDATE 1-UK house prices jump by most in 11 years in July

Fri, 31st Jul 2020 08:12

(Removes extra word "but" in paragraph 3)

LONDON, July 31 (Reuters) - British house prices jumped by
the most in 11 years this month, reversing about half their
losses due to the impact of COVID-19 on a surge in pent-up
demand, figures from mortgage lender Nationwide showed on
Friday.

Average prices rose 1.7% in July, the biggest single-month
increase since August 2009, after dropping by 1.6% in June and
1.7% in May.

Compared with a year ago, house prices are 1.5% higher,
though they are 1.6% lower than in April.

House prices were picking up at the start of the year before
the pandemic, and Nationwide said a temporary cut to property
purchase taxes by finance minister Rishi Sunak would push up
prices further in the short term.

"However, there is a risk this proves to be something of a
false dawn," Nationwide economist Robert Gardner said, noting
that unemployment was forecast to rise sharply later this year
when temporary employment support measures end.
(Reporting by David Milliken; editing by John Stonestreet)

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