(Halifax) House prices in the UK increased by 1.7% or £4,400 to £267,587 in September from August, the strongest pace since February 2007.
On a year over year basis, housing prices were up 7.4%, from August’s 7.2%. The prices had a 1.5% quarter over quarter increase.
Strong demand for housing due to a rush for space and lifestyle changes are seen to be the main drivers that have pushed prices up amid limited supply.
Wales posted the strongest increase in house inflation at an annual rate of 11.5%, while Scotland outperformed the national average with an uptick of 8.3%.
Halifax managing director Russell Galley expects the huge demand for housing to soften in the months ahead even as rising inflation, impending taxes, and costs of living continue to weigh on the industry.
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