Home Prices In Britain Have Risen At The Strongest Pace In More Than Four Years

Home Prices In Britain Have Risen At The Strongest Pace In More Than Four Years

Home prices in Britain have risen at the strongest pace in more than four years, with the average home value exceeding £ 250,000 for the first time. This was stated at the end of the week by IHS Markit and the largest British mortgage provider Halifax. Home prices in Britain rose by 7.5% year on year in the three months to the end of October. This is the most significant growth since June 2016. In the three-month period to the end of September, real estate price growth reached 7.3%. In addition, as Russell Galley of Halifax put it, for the first time in British history, the average house price exceeded £ 250,000 when it reached £ 250,547 (€ 277,062) in October. In particular, the demand for more spacious houses has increased, due to the pandemic of the new coronavirus and the larger number of people working from home. However, according to Galley, the effects of the pandemic on the economy will put pressure on prices in the coming period, which may be more pronounced in early 2021. Already, in a month-on-month comparison, real estate price growth is slowing down. In October, the average house price in the country increased by only 0.3%, which is the weakest growth in four months. In September, month-on-month price growth reached 1.5%.