Annual house price growth increased to 3.7% in April, according to the latest Nationwide house price index, which captures largely pre-pandemic data.
Growth was up from 3% in March to the fastest pace seen since February 2017. There have been month-on-month gains for the last seven months in a row, after taking account of seasonal effects.
Andrew Montlake, Managing Director at the UK-wide mortgage broker, Coreco, said: “Despite the apocalyptic hit to the economy, the property market glass is half full at the Nationwide.
‘Nobody is expecting the property market to be switched back on like a scene from Westworld but there are reasons to be positive.
“The unprecedented package announced by the Government to support business and jobs, along with rock-bottom borrowing rates, should mitigate the fallout from the lockdown.
“Transaction volumes will naturally be down throughout the rest of the year, and prices will be under pressure, but there will always be people wanting to buy and move home.
“As devastating as the pandemic is, property is in this country’s DNA and people will return to it once lockdown measures are eased.”