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    UK house prices jump by most since 2007

    British house prices rose by the most in almost 15 years in September ahead of the end of a tax break for house-buyers and they were expected to continue their climb to new record high levels, mortgage lender Halifax said on Thursday.

    Prices rose by 1.7% from August, the biggest monthly increase since February 2007.

    In annual terms, house price growth also accelerated to 7.4% from 7.2% in August having slowed in each of the previous three months.

    Britain’s housing market turned red hot after the lifting of the country’s first coronavirus lockdown last year as people working more from home sought bigger properties and after finance minister Rishi Sunak cut a tax on home purchases.

    That tax cut expired fully at the end of September.

    Russell Galley, Halifax’s managing director, said a shortage of homes for sale would remain the biggest factor for the market and would underpin prices into next year, even if the pace of price growth was likely to slow.

    Source: Reuters