Monthly completed house sales volumes in England and Wales 2015-2020

House sales volumes can be affected by several factors, including mortgage rates, house prices, supply and demand as well as the overall health of the market. In the second quarter of 2020, the completed house sales volume plunged but has since recovered towards the end of 2020. Due to coronavirus (COVID-19) restrictions, many house sales were delayed. Economic uncertainty and rising unemployment rates also affected potential buyers' intentions.

House prices

Between June 2019 and June 2020, the average house price in England increased by more than six thousand British pounds. Between June 2018 and June 2019, the twelve month percentage change in house prices for the United Kingdom increased by 1.1 percent, a noticeable slow-down compared with the previous four years.

Mortgages

The low mortgage interest rates in the United Kingdom encourage house buying. Nevertheless, the impact of the coronavirus is also visible in the mortgage market. Between the second quarter of 2019 and the second quarter of 2020, the gross mortgage lending fell from over 66 billion British pounds to approximately 44 billion British pounds.