London — UK home prices rose 9.8% year-on-year in December, the sharpest annual rise since the eve of the July 2007 global financial crisis. Monthly figures for mortgage company Halifax were shown on Friday.
House prices rose 1.1% in December alone, the same as in November, the largest quarterly rise since November 2006.
The UK is not the only country where home prices have skyrocketed during the COVID-19 pandemic. Despite the historic slump in economic production, the UK has not yet recovered.
Halifax urges British people to buy a new home due to multiple factors, including increased demand for space to work from home, lack of other spending opportunities, and tax cuts for purchases that expired at the end of September. He said he did.
“The lack of homes for sale and the historically low mortgage rates have also helped drive annual inflation in home prices,” said Russell Galley, managing director of Halifax. “.
He added that house prices are likely to rise much slower in 2022 than in the last two years, reflecting the outlook for rising interest rates and the squeeze of disposable income from rising consumer prices.
Wales reported the largest annual rise in home prices, rising 14.5% in the year to December, while London was the UK’s poorest performing region with a rise of only 2.1%.