United Kingdom house prices increased in September at the fastest pace in more than 14 years. The average price of a home rose 1.7% in September. The increase was the largest since February 2007 and pushed up the annual pace of growth to 7.4 %.

The housing market has boomed since last summer by a tax cut on property purchases and pandemic-driven demand for larger homes away from city centres with space to work from home.

Although the stamp-duty holiday was ended on September, other factors was supporting the market remain in place. They include a continuing demand for space, cheap borrowing, a lack of homes in market, savings accumulated during lockdowns and a robust jobs market.

Source via Businesstimes