UK house prices booming and jump 7.4 per cent in a year

UK house prices booming and jump 7.4 per cent in a year

UK house prices jumped 7.4% this year more than it did a year ago with monthly prices rising at the highest rate for over a decade.

In September the average UK home cost £267,587, up from £249,122 a year ago and a jump of 1.7 per cent compared to the previous month, the highest monthly growth rate since February 2007.

UK house market is booming

It comes after the government introduced a stamp duty holiday on homes valued up to £500k, falling to £250k from July, to encourage home buying during the pandemic.

Strong demand for properties is in part being driven by a “race for space,” as repeated Covid-19 lockdowns have increased people’s interest in purchasing large homes outside London.

While prices for flats are up just 6.1 per cent, a £6,640 price increase, people are shelling out 8.9 per cent more for semi-detached properties and 8.8 per cent more for detached houses than they were a year ago, with detached properties now £41k more expensive.

In the midst of the housing market boom, UK energy suppliers are quoting deals more than £700 above the price cap.

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