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| Mini house-buying boom leads to highest ever monthly price | Mini house-buying boom leads to highest ever monthly price |
| (32 minutes later) | |
| House prices hit a new all time high in July as the property market gradually reopened, after being put on pause during the coronavirus lockdown. | House prices hit a new all time high in July as the property market gradually reopened, after being put on pause during the coronavirus lockdown. |
| According to the latest Halifax House Price Index the average price of a home was £241,604 last month, 1.7% higher than June's £237,834. | According to the latest Halifax House Price Index the average price of a home was £241,604 last month, 1.7% higher than June's £237,834. |
| Prices are 3.8% higher than July 2019. | Prices are 3.8% higher than July 2019. |
| Halifax managing director Russell Galley said pent-up demand and a lack of available houses had combined to push up prices. | Halifax managing director Russell Galley said pent-up demand and a lack of available houses had combined to push up prices. |
| The government's cut in stamp duty had also boosted buyers' enthusiasm, he said. | |
| Last month Chancellor Rishi Sunak announced a temporary suspension of stamp duty on property sales up to £500,000 in England and Northern Ireland. | Last month Chancellor Rishi Sunak announced a temporary suspension of stamp duty on property sales up to £500,000 in England and Northern Ireland. |
| These latest figures mirror recent figures from the Nationwide Building Society, which showed house prices bounced back in July, climbing 1.7% during the month. | These latest figures mirror recent figures from the Nationwide Building Society, which showed house prices bounced back in July, climbing 1.7% during the month. |
| "The latest data adds to the emerging view that the market is experiencing a surprising spike post lockdown," said Mr Galley. | "The latest data adds to the emerging view that the market is experiencing a surprising spike post lockdown," said Mr Galley. |
| But he warned that while the prospects for the housing market were brighter than might have been expected three months ago, the effects of the pandemic were still creating a great deal of long-term uncertainty. | But he warned that while the prospects for the housing market were brighter than might have been expected three months ago, the effects of the pandemic were still creating a great deal of long-term uncertainty. |
| "As government support measures come to an end, the resulting impact on the macroeconomic environment, and in turn the housing market, will start to become more apparent," he added. | "As government support measures come to an end, the resulting impact on the macroeconomic environment, and in turn the housing market, will start to become more apparent," he added. |
| This view was echoed by Anna Clare Harper, author of Strategic Property Review, who said that the Halifax findings reflected current confidence in the economy: | This view was echoed by Anna Clare Harper, author of Strategic Property Review, who said that the Halifax findings reflected current confidence in the economy: |
| "What we can't forecast is what happens next: economically, and in policy. | "What we can't forecast is what happens next: economically, and in policy. |
| "What we can predict accurately is that these two factors will prove fundamental to the future of the UK housing market.", she said. | "What we can predict accurately is that these two factors will prove fundamental to the future of the UK housing market.", she said. |
| Another property specialist, Tomer Aboody, director of MT Finance, called on the government to consider further Mini stamp duty relief on properties selling for more than £500,000 as he stressed the importance of the sector to the UK economy. | |
| "Now more than ever the housing industry should be looked upon as the foundation upon which to keep the UK working." |