UK house prices hit a new record in August.
With a 0.7% increase in August, UK house prices appear unstoppable.
Median house prices in the UK hit a new record in August, while annual inflation cooled to a five-month low after the partial end of the ringing holidays in England and Northern Ireland.
Halifax, one of the nation’s largest mortgage lenders, said the average cost of property rose 0.7%, or £ 1,789, to £ 262,954, beating the previous peak of £ 261,642 recorded in May.
The annual rate of house price inflation slowed to 7.1%, the lowest since March and from 7.6% in July. However, compared to June 2020, when the housing market reopens after the first Covid-19 crash, prices are still more than £ 23,600, or 9.9%, higher.
Prices have risen the most in Wales, 11.6% year-on-year and the only double-digit increase recorded in the UK during August. Halifax said that the Southwest also posted strong growth of 9.6%, likely reflecting the region’s current demand for rural life. Annual house price inflation in the Northeast rose to 8%, and Northern Ireland rebounded to 9.3%, while price growth in Scotland slowed to 8.4%.
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Greater London continues to lag behind the rest of the country, posting a 1.3% annual price increase in August, the smallest in 18 months. During the last three months, it was the only region or nation that registered a fall in prices, of 0.3%. However, at £ 508,503, typical properties in the capital remain well above the national average national price.
Anthony Codling, a freelance housing analyst, said: “A large number continue to look for more space to facilitate working from home, and many others are looking for additional houses to accommodate the emerging hybrid model of working from home of two or three days in the urban office and two to three days in the rural or coastal idyll. Meanwhile, the number of homes for sale is not meeting demand, and the price outlook is high, not low. ”
Last week, the Nationwide Construction Society said its data showed house prices rose 2.1% in August, an increase of nearly £ 5,000, and annual inflation rose to 11% from 10%. .5%, which confounded expectations that the market would slow down after the stamp duty threshold was reduced from £ 500,000 to £ 250,000 in July.
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