Home prices are rising at the fastest pace in 15 years, new Halifax statistics show.
Home prices rose 1.7% in September. The average house price in the UK is currently £267,587.
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House prices in Scotland and Wales are rising faster than in England. House prices in Wales and Scotland rose by 11.5% and 8.3% respectively in September.
Halifax managing director Russell Galley said: “While the end of the stamp duty holiday in the UK and the desire of homebuyers to close deals quickly may have had some impact on this figure. “It is important to remember that most mortgages were agreed in 2019.” September would not have ended before the tax cuts expired. ”
“This shows that multiple factors played an important role in housing price trends during the pandemic.”
“There is no doubt that the ‘race to space’ has had a major impact as people’s tastes and lifestyle choices have changed. Looking at price changes over the past year, apartment prices have increased by only 6.1%. This is an increase of 8.9% for semi-detached properties and 8.8% for detached properties. This is £41,000 for a detached house compared to just £6,640 for an apartment. This equates to a cash increase of close to 1,000 pounds.
