U.K. House Prices Climb Most in Over Four Years, Halifax Says
(Bloomberg) -- U.K. house prices surged the most since 2016 last month as realtors remained open for business while much of the rest of the economy entered a second coronavirus lockdown.
Home prices rose 7.6% in November from a year earlier, mortgage lender Halifax said Monday. On the month alone, prices gained 1.2%.
Britain’s property market has boomed since reopening after restrictions in the spring that shuttered the industry. It has been bolstered by city dwellers looking to move out of urban centers, a temporary tax break on purchases and government promises of more generous loans for young buyers.
Under a lockdown in England that ended last week, house viewings were still allowed. Realtors may find it hard to maintain the upswing though. Unemployment is rising and the tax incentive will expire at the end of March.
“The housing market has been much more resilient than many predicted at the outset of the pandemic,” said Russell Galley, managing director at Halifax. “A slowdown” in activity “is likely over the next 12 months.”
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