House prices hit record high in August but growth slows - Halifax
By Michele Maatouk
Date: Tuesday 07 Sep 2021
(Sharecast News) - House prices hit a record high in August, although the pace of annual growth slowed, according to a survey released by Halifax on Tuesday.
The cost of a property increased 7.1% on the year to £262,954 - the highest level on record. However, this was down from a 7.6% jump in July and marked the slowest growth in five months.
Still, compared to June 2020, when the housing market began to reopen from the first lockdown, prices remain more than £23,600 higher, or +9.9%.
On a monthly basis, house prices were 0.7% higher in August, having risen 0.4% in July.
Halifax managing director Russell Galley, said: "Much of the impact from the stamp duty holiday has now left the market, as highlighted by the drop in industry transaction numbers compared to a year ago. However, while such Government schemes have provided vital stimulus, there have also been other significant drivers of house price inflation.
"We believe structural factors have driven record levels of buyer activity - such as the demand for more space amid greater home working. These trends look set to persist and the price gains made since the start of the pandemic are unlikely to be reversed once the remaining tax break comes to an end later this month."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN