UK home prices increase in July

06.08.2021 - Korneychuk Evgeniya
UK home prices increase in July

British home prices accelerated in July after a drop in June. This came after pandemic-driven demand for larger homes weakened the impact of a reduced tax break for buyers, mortgage lender Halifax said on Friday.

House prices in July nudged 0.4% higher, compared with a monthly fall of 0.6% in June.

In annual terms, prices were 7.6% higher than in July 2020, the smallest increase since March.

Russell Galley, Halifax managing director, expected the market to settle due to the recent purchasing surge fueled by the tax benefit.

As part of the incentive program, exemptions from the stamp duty tax were given to the first 500,000 pounds ($693,850.00) of any property purchase in England or Northern Ireland until the end of June. It was scaled back to 250,000 pound until the end of September.

However, home shortage in the market is seen to support the prices.

Galley noted that the economic recovery and higher consumer confidence suggested annual price growth. Meanwhile, slowing, he said, would remain well into positive territory by the end of the year.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?