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House Prices Surge

published on 01/09/2020  

House prices surged at their fastest rate in 16 years last month to an all-time high as the stamp duty holiday unleashed a “barnstorming” rush of buyers.

Figures from lender Nationwide show that the average cost of a home in Britain rose two per cent in August to £224,123.

It followed a 1.8 per cent rise in July, the month when Chancellor Rishi Sunak announced that the tax would be suspended on the first £500,000 of any purchase until March next year.

Prices last rose by two per cent or more in a single month in February 2004, according to Nationwide data.

The annual rate of increase accelerated from 1.5 per cent to 3.7 per cent.

The dramatic increase in activity has been particularly strong in London where more buyers benefit from the maximum £15,000 saving from the stamp duty holiday.

Nationwide’s chief economist Robert Gardner said: “House prices have now reversed the losses recorded in May and June and are at a new all-time high. The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.”

Tags: House, Prices, Surge