UK House Prices up 5.2% in August.

house building construction site

UK house prices jump in August to record highs, say the Halifax House Price Index.  Average prices are now the highest recorded.

What are the numbers?

According to the Index;

  • The average house price is now £245,747
  • Increase of 5.2% over the past year

Why is this happening?

So, UK house prices have increased in August.  It appears that the end of the Lockdown restrictions has released a mini wave of house buying and selling.

According to Russell Galley of the Halifax;

“A surge in market activity has driven up house prices through the post-lockdown summer period, fuelled
by the release of pent-up demand, a strong desire amongst some buyers to move to bigger properties, and
of course the temporary cut to stamp duty.
…it remains highly
unlikely that this level of price inflation will be sustained….
Rising house prices contrast with the adverse impact of the pandemic on household earnings and with
most economic commentators believing that unemployment will continue to rise, we do expect greater
downward pressure on house prices in the medium-term.”

Want to learn more?

You can read the Halifax House Prices press release here.

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