The lifestyle changes triggered by the pandemic are likely to have a lasting effect on the housing market, pushing property prices permanently higher.
That’s the view of the Halifax; its latest index shows that the average home now costs £262,954, up 0.7 per cent from July and 7.1 per cent over 12 months. The typical home is now £23,600 more expensive than a year ago.
Halifax managing director Russell Galley says these prices are here to stay: “Much of the impact from the stamp duty holiday has now left the market, as highlighted by the drop in transaction numbers compared to a year ago.
“However, while such government schemes have provided vital stimulus, there have also been other significant drivers of house price inflation … such as the demand for more space amid greater home working. These trends look set to persist and the price gains made since the start of the pandemic are unlikely to be reversed once the remaining tax break comes to an end later this month.”
“Average house prices climbed again in August, with the cost of a property increasing by 0.7 per cent or £1,789. Back-to-back monthly price gains have now pushed the cost of a typical home to a record of £262,954, topping the previous high recorded in May this year.
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