UK house prices surge at fastest rate since 2007

According to new figures from Halifax have showed that house prices have soared at the fastest rate in 15 years.

House prices increased by 1.7% in September. The average house price in the UK is now £267,587.

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House prices in Scotland and Wales are growing faster than they are in England. House prices in Wales and Scotland increased in September by 11.5% and 8.3% respectively.

Halifax’s managing director, Russell Galley, said: “While the end of the stamp duty holiday in England – and a desire amongst homebuyers to close deals at speed – may have played some part in these figures, it’s important to remember that most mortgages agreed in September would not have completed before the tax break expired.”

“This shows that multiple factors have played a significant role in house price developments during the pandemic.”

“The ‘race-for-space’ as people changed their preferences and lifestyle choices undoubtedly had a major impact. Looking at price changes over the past year, prices for flats are up just 6.1%, compared to 8.9% for semi-detached properties and 8.8% for detached. This translates into cash increases for detached properties of nearly £41,000 compared to just £6,640 for flats.

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