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Financial News: UK House Prices Rise At Fastest Pace Since

UK House Prices Rise At Fastest Pace Since 2007

10/07/2021 - 03:03:00 (RTTNews)

(RTTNews) - UK house prices grew at the strongest pace since 2007 as stamp duty holiday draws to a close, survey data released by the Lloyds Bank subsidiary Halifax showed on Thursday.

House prices grew 1.7 percent month-on-month in September, following an increase of 0.8 percent in August. This was the third consecutive rise in prices.

In three months to September, house prices grew 1.5 percent from the previous three months.

The annual rate of house price growth increased to 7.4 percent from 7.2 percent in August.

"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," Russell Galley, managing director at Halifax, said.

Nevertheless, low borrowing costs and improving labor market prospects for those already in employment are likely to continue to provide support, Galley added.

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