ANNUAL RATE OF UK HOUSE PRICE GROWTH DOUBLES TO 15.5% IN ONE MONTH – THE GUARDIAN

Statistical surge reflects average house price drop last July caused by end to £500,000 stamp duty holiday

The annual rate of UK house price growth soared to a 19-year high of 15.5% in July, official figures show, with a typical home having £39,000 added to its value in 12 months.

However, commentators pointed out that the annual rate of price growth had been pushed artificially high because in July 2021 prices dropped in response to the end to the most generous period of last year’s stamp duty holiday.

The Office for National Statistics (ONS), which issued the data, said the sudden doubling of the annual rate of price growth – from 7.8% in June to 15.5% in July – “was mainly because of a base effect from the falls in prices seen this time last year as a result of changes in the stamp duty holiday”.

Read more: https://bit.ly/3UffS24

To understand more about the mortgage services we offer visit our Mortgage page

If you are looking to arrange a mortgage and would like advice Contact us

If you found this article useful and would like more market updates visit our articles page