The average UK home cost just under £250,000 (US$322,921) in September, representing a 7.3% increase compared with the previous year.
The rise marked the third consecutive month of substantial house price growth following the reopening of the property market after the pandemic-induced lockdown. According to the Halifax House Price Index, strong buyer demand and increased mortgage activity helped drive prices higher.
Working and schooling from home, combined with the temporary stamp duty holiday, encouraged many buyers to reassess their housing needs. The stamp duty threshold was increased to £500,000, reducing the upfront cost of purchasing a residential property and further stimulating market activity.
However, questions remained over whether the pace of house price growth could continue, particularly as the wider economic impact of the pandemic was yet to be fully realised.
Affluent buyers played a significant role in driving activity following the reopening of the market, contributing to a higher volume of more expensive property transactions.
Hugh Wade-Jones, Managing Director of Enness Global Mortgages, commented that higher-value purchases by affluent buyers had helped push average property prices upwards as demand returned to the market.
