British real-estate costs reach fresh level-high at USD361,7...| MENAFN.COM

Thursday, 20 January 2022 10:48 GMT

British real-estate costs reach fresh level-high at USD361,765


(MENAFN) UK’s normal real-estate prices hit its speediest development in 15 years in the past month raising housing prices to a new level-high of USD361,765.

Russell Galley, managing director of Halifax, reported: “This is the fifth straight month that average house prices have risen, with typical values up by almost USD17,221 since June, and more than USD26,494 since this time last year.”

He further said, “Since the onset of the pandemic in March 2020, and the UK first entering lockdown, house prices have risen by USD44,799, which equates to USD2,240 per month.”

The real-estate business of Britain has pursued its development starting from the last part of stamp duty holiday on 1 October in spite of concerns that the country would experience a slowdown at the end of the tax break.

Galley noted, “Those taking their first step on to the property ladder are also playing an important role in driving activity, with annual house price inflation for first-time buyers at 9.1 per cent compared to 8.8 per cent for home movers.”

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