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UK house prices register largest increase since 2007

by REUTERS

LONDON Oct 07, 2021 - 10:26 am GMT+3
High-rise apartments under construction can be seen in the distance behind a row of residential housing in south London, Britain, Aug. 6, 2021. (Reuters Photo)
High-rise apartments under construction can be seen in the distance behind a row of residential housing in south London, Britain, Aug. 6, 2021. (Reuters Photo)
by REUTERS Oct 07, 2021 10:26 am

House prices in the United Kingdom rose to their highest level in almost 15 years in September ahead of the end of a tax break for house-buyers and they were expected to continue their climb to new record levels, mortgage lender Halifax said on Thursday.

Prices rose by 1.7% from August, the biggest monthly increase since February 2007.

In annual terms, house price growth also accelerated to 7.4% from 7.2% in August having slowed in each of the previous three months.

Britain's housing market turned red hot after the lifting of the country's first coronavirus lockdown last year as people working more from home sought bigger properties and after Finance Minister Rishi Sunak cut a tax on home purchases.

That tax cut expired fully at the end of September.

Russell Galley, Halifax's managing director, said a shortage of homes for sale would remain the biggest factor for the market and would underpin prices into next year, even if the pace of price growth was likely to slow.

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