House prices are rising at their fastest rate in almost 17 years after a dash to beat a\u00a0stamp duty holiday deadline\u00a0in England and Northern Ireland pushed the annual rate of property inflation to 13.2% in June.<\/p>\n
Figures from the\u00a0Office for National Statistics\u00a0showed the average house price across the UK increased by \u00a331,000 to \u00a3266,000 over the past year \u2013 or just over \u00a32,500 a month.<\/p>\n
House price inflation using Land Registry data stood at 2% in June 2020 but has gradually increased over the previous 12 months. Pent-up demand, the search for bigger homes as a result of the pandemic, and the decision by the chancellor, Rishi Sunak, to waive stamp duty on properties worth less than \u00a3500,000 have all contributed to the rise.<\/p>\n
The ONS said the sharp jump in house price inflation from 9.8% in May was linked to the start of July deadline for the threshold for paying stamp duty to drop to \u00a3250,000, ahead of a return to its pre-crisis level of \u00a3125,000 from October.<\/p>\n
Wales showed the biggest jump in house prices of the four countries of the UK, registering property inflation of 16.7% in the past year. The price of a home rose by 13.3% in England, 12% in Scotland and 9% in\u00a0Northern Ireland.<\/p>\n
The English region with the hottest property market in the past year has been the north-west, where prices were up by 18.6%. London, the part of the UK hardest hit by the repeated coronavirus lockdowns of the economy, recorded the smallest annual increase, 6.3%.<\/p>\n
According to ONS figures, the increase in house prices over the past year is almost equivalent to the average weekly earnings of a full-time employee in the UK.<\/p>\n","protected":false},"excerpt":{"rendered":"
House prices are rising at their fastest rate in almost 17 years after a dash to beat a\u00a0stamp duty holiday deadline\u00a0in England and Northern Ireland pushed the annual rate of property inflation to 13.2% in June. Figures from the\u00a0Office for National Statistics\u00a0showed the average house price across the UK increased by \u00a331,000 to \u00a3266,000 over […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4108","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-14g","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=4108"}],"version-history":[{"count":1,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4108\/revisions"}],"predecessor-version":[{"id":4109,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4108\/revisions\/4109"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=4108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=4108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=4108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}