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Economy

1 Sept 2021

Britain’s Home Prices Rise Again in August

The Index Today

British house prices have increased this month after a major fall, making it the second biggest monthly rise in 15 years.

According to Nationwide Building Society, home prices in Britain saw a rise of 2.1% in August after experiencing a fall of 0.6% in July. The rise exceeded the forecast made my economists who expected a 0.2% increase.

In July, property sales fell as a year-long stamp duty exemption for the first 500,000 pounds ended. This was applied in England and Northern Island.

Robert Gardner, chief economists said, “But the pick-up in prices in August suggests the importance of other factors such as a shortage of houses and demand for more spacious accommodation suited to working from home, which have pushed up prices in Britain and in other countries.”

According to data, the prices of homes in August were 11.0% higher as compared to a year ago which is a bigger increase than the recording of 10.5% in July.

Upon the expiration of the stamp duty exemption period and with drawl of furlough support to workers, the demand may become weak in the long term.

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