British house the prices are rising as quickly as possible rate since before global financial crisis as shortage of sellers kept pumping up the housing market said the Halifax mortgage lender on Monday.
House prices rose 0.5% in February in month-on-month termsa said Halifax.
This brought the average price of a house in Britain at 278,123 pounds ($367,511), up 10.8% on a year ago and marking the fastest annual rate growth rate since June 2007.
Housing market was hot in Great Britain – and many more countries around world – since emergence of the first coronavirus lockdown in 2020, boosted by demand for larger properties like more people worked from home.
English market has been also fueled by a tax incentive offered by Finance Minister Rishi Sunak that completely expired at the end of September, when a job support program also expired.
“With new limited supply and still relatively low mortgage rates, we suspect that house price growth will remain buoyant for several more months,” said Andrew Burrell, Chief property economist at the consulting firm Capital Economics.
In the longer termHalifax said there was reason to think house price growth would diminish – in particular because of soaring inflation, tax hikes and rising interest rate.
“These factors are likely to weigh on Buyer demand as the year progresses, with market activity likely to resume more normal levels and easing of house price growth to be expected,” Galley said.
