– October 2021 –
House prices rose by the most in almost 15 years in September ahead of the end of the stamp duty holiday.
The Halifax says prices rose nationally 1.7% from August, the biggest monthly rise since February 2007. In annual terms, house price growth also accelerated to 7.4 from 7.2%.
Russell Galley, Halifax’s managing director, says: “The price of an average house is now as expensive as it has ever been, standing at just over £267,500.
“The ‘race-for-space’ as people changed their preferences and lifestyle choices undoubtedly had a major impact. “Looking at price changes over the past year, prices for flats are up just 6.1%, compared to 8.9 % for semi-detached properties and 8.8% for detached. This translates into cash increases for detached properties of nearly £41,000 compared to just £6,640 for flats.
“Against a backdrop of rising pressures on the cost of living and impending increases in taxes, demand might be expected to soften in the months ahead, with some industry measures already indicating lower levels of buyer activity. Nevertheless, low borrowing costs and improving labour market prospects for those already in employment are likely to continue to provide support.
“Perhaps the biggest factor in determining the future of house prices remains the limited supply of available properties. With estate agents reporting a further reduction in the number of houses for sale, this is likely to underpin average prices – though not the recent rate of price growth – into next year.”
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