(Bloomberg) — U.K. house prices rose at their strongest annual pace since 2016 last month as Britons’ changing work patterns and a tax reduction on purchases fanned a resurgence.
Average house prices rose 7.3% in September from a year earlier to a record average of 249,870 pounds ($323,000), mortgage lender Halifax said Wednesday. On the month alone, prices gained 1.6%.
Since the lockdown started to be eased in May, a wave of buyers have sought to sell up in urban areas such as London to move to places with bigger yards and more green space.
They’ve been helped by a temporary tax break on home purchases that will expire next year. Prime Minister Boris Johnson signaled more support for the market this week, with a promise of more generous home loans for millions of young first-time buyers.
Real estate agents and economists are unsure