UK House Prices Increase Sharply in August

UK home prices recorded the second largest monthly rise in August's 15 years as homebuyers tried to take advantage of the stamp duty “holiday” closure period. House prices rose 2.1% from the previous month, according to data from the National Building Association rel

BY Realty Plus
Published - Monday, 06 Sep, 2021

UK House Prices Increase Sharply in August

UK home prices recorded the second largest monthly rise in August's 15 years as homebuyers tried to take advantage of the stamp duty “holiday” closure period. House prices rose 2.1% from the previous month, according to data from the National Building Association released on 1st September. However, tax incentives were not the only factor driving housing demand. The UK housing market has become one of the strongest markets, supported by low interest rates, high household savings and a reassessment of people’s needs due to increased telecommuting. A developed country since the start of the pandemic. The annual rate of increase in home prices in August accelerated to 11%, with average UK home prices at £ 248,857, about 13% higher than before the coronavirus pandemic began. "The strength of the real estate market could reflect strong demand for homes between £ 125,000 and £ 250,000 prior to the stamp duty cut, which expires on September 30," said Robert Gardner, chief economist at Nationwide. Some economists say that inflation is rising UK Furlough To cool down home prices in the fall. However, the recovery in the labor market and rising wages indicate a continued recovery in the housing market.