UK house prices surge by 13%, most since 2004, Halifax says

An estate agent’s board is displayed outside the house a dwelling on a terraced avenue in Blackburn, Britain, January 17, 2022. REUTERS/Phil Noble

LONDON, July 7 (Reuters) – Dwelling rates in Britain rose by the most given that 2004 in the 12 months to June, leaping by 13% as much better-off homes defied the broader charge-of-residing squeeze dealing with the rest of the country, property finance loan loan provider Halifax stated on Thursday.

The rate of residence cost progress accelerated from 10.7% in May well, Halifax mentioned.

In regular phrases, charges rose by 1.8%, the largest increase by that evaluate considering the fact that 2007, just after a 1.2% improve in May from April, the figures showed.

“Assets selling prices so considerably look to have been mostly insulated from the expense of living squeeze,” Russell Galley, controlling director at Halifax, reported.

“This is partly mainly because, suitable now, the increase in the price of dwelling is getting felt most by men and women on lower incomes, who are generally significantly less active in purchasing and selling homes.”

By distinction, larger earners were probably capable to use coronavirus pandemic personal savings to fund property buys, Galley mentioned in a assertion.

Reporting by William Schomberg
Enhancing by David Goodman and Frank Jack Daniel

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