Showing: 1 - 2 of 2 RESULTS

U.K. House Prices Jump Most Since 2016 in Post-Lockdown Boom

(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%.



chart, histogram: Housing Boom


© Bloomberg
Housing Boom

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.

Loading...

Load Error

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

Read More

House prices jump by most in four years amid COVID-19 buying boom

Estate agents property for sale boards on display outside a residential property in north London. Photo: Dinendra Haria / SOPA Images/Sipa USA
Estate agents property for sale boards on display outside a residential property in north London. Photo: Dinendra Haria / SOPA Images/Sipa USA

UK house prices are surging at their fastest rate in four years, as pent-up demand post-lockdown and a temporary stamp duty cut fuel a buying boom.

Nationwide’s closely-watched House Price Index found prices jumped by 5% on an annual basis in September, the biggest increase since September 2016.

Prices grew by 0.9% between August and September. Both the annual growth figure and the month-on-month growth were ahead of City forecasts.

The average UK house price now stands at £226,129 ($288,167), Nationwide said.

Watch: Why house prices are rising despite COVID-19 and a recession in the UK

“The rebound reflects a number of factors,” said Robert Gardner, Nationwide’s Chief Economist.

“Pent-up demand is coming through, with decisions taken to move before lockdown now progressing. The stamp duty holiday is

Read More