real estate

UK Housing Hits Record High

U.K. house prices hit a record high of £269,945 in September 2021 according to Bloomberg as buyers rushed to tie up deals before a property tax cut came to an end.

  • The data: Prices have soared by 15%—more than £35,000—since Rishi Sunak introduced a tax waiver in July 2020, Land Registry figures show. That dwarfs the £2,500 saving in stamp duty that the average buyer would have benefited from.
  • The drivers: While the stamp-duty holiday is one factor driving the boom, arguably more significant is a “race for space”—demand for larger properties away from city centers among people for whom homeworking is now the new normal.

    Source: Bloomberg