The average house price in the U.K. now tops 250,537 million pounds for the first time in history, according to Halifax press release. The annual price inflation rose 7.5% in October, the highest since the mid-2016. Unusually high housing demand levels due to the spring/summer lockdowns and Chancellor’s waiver on properties stamp duty up to 500,000 pounds.
- Despite the increase in housing demand, downward pressure on prices is expected towards 2021 as the country’s struggles with the pandemic headwinds.
- Housing price growth slowed considerably, down to just 0.3% in October compared to 1.5% in September.
- The August-October quarter prices were 4.0% higher than the previous May-July quarter.
- Since March, flat prices rose 2.0% or 2,883 pounds compared to a 6.0% or 27,371 pounds rise for a detached property
Fig: Halifax House Price
The pound and U.K. stocks are declining. GBPUSD is down 0.02%, FTSE 100 is down 0.20%
