LONDON -British home costs are rising on the quickest price since earlier than the worldwide monetary disaster, mortgage lender Halifax stated on Monday.
Home costs rose 0.5% in February in month-on-month phrases, Halifax stated.
That introduced the common worth of a home in Britain to 278,123 kilos ($367,511), up 10.8% on a yr in the past and marking the quickest annual development price since June 2007.
The housing market has been sizzling in Britain – and plenty of different nations world wide – because the lifting of the primary coronavirus lockdown in 2020, boosted by demand for greater properties as extra individuals labored from house.
The British market was additionally stoked by a tax incentive supplied by finance minister Rishi Sunak which absolutely expired on the finish of September, when a jobs help programme additionally lapsed.
“Lack of provide continues to underpin rising home costs, with latest trade surveys exhibiting a dearth of latest properties being listed, now a long-term pattern,” Halifax managing director Russell Galley stated.
He added that there have been causes to suppose home worth development will ease later this yr – not least due to surging inflation, tax hikes and rising rates of interest.
“These components are more likely to weigh on purchaser demand because the yr progresses, with market exercise more likely to return to extra regular ranges and an easing of home worth development to be anticipated,” Galley stated. ($1 = 0.7568 kilos)
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