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UK housing price requirement to hit new highs after extension of tax cuts

© Reuters. A row of houses is seen in London

LONDON (Reuters) – UK-advertised home prices hit record highs after Finance Minister Rishi Sunak stirred the market once again by extending tax cuts for homebuyers last month. Estate Rightmove (OTC 🙂 said on Monday.

Offering prices rose 2.1% in the five weeks to April 10, just the second time in five years prices rose more than 2% from month to month, Rightmove said.

The increase brought the median market-to-market price to an all-time high of £ 327,797 ($ 451,737) and homes sold in record time.

On March 3, Sunak said he would extend the temporary buyer tax breaks and he also announced a new mortgage guarantee program for first-time buyers unable to pay a large deposit. .

Tax breaks are urgently introduced in 2020 to counteract the economic impact of coronavirus. It has helped fuel a small boom in the housing market that has seen strong demand from people looking for more space after their first lockout.

Other UK housing price measures also show an increase since Sunak’s announcement.

Rightmove says its measurements of assets available are at record lows.

“However, some frosts are likely to break out this spring by the end of the year when challenging economic conditions emerge, some of the government’s support for individuals and businesses has been resolved. and the tax holiday is finally over in England and Wales, ”it said.

“However, we expect activity to remain strong for the rest of 2021.”

($ 1 = £ 0.7256)

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