Property prices leapt 7.3% year-on-year last month as Britain’s housing market boom continues, with lender Halifax reporting mortgage applications at a 12-year high.
Figures from the bank show the average residential home sold for £249,870 ($322,877) in September, with the highest annual rise since 2016.
Russell Galley, managing director of Halifax, noted political uncertainty had weighed on prices last September, but said the market had still been “extremely strong” since the first national lockdown eased.
Prices were up 1.6% on the previous month in a third month in a row of gains. Growth has lost less steam than expected by analysts, who had predicted monthly growth of 0.6%.
It comes in spite of the resurgent coronavirus, tighter lockdown restrictions and the ongoing economic crisis, with some experts calling the property boom a “paradox.”
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