House prices soared by 7.3 per cent in the year to September

Written by Pymm & Co

The steepest annual increase since June 2016, according to the latest index from Halifax.

The average UK property price reached £249,870, as mortgage applications hit a 12-year high.

Meanwhile, month-on-month house price growth was 1.6 per cent, which was unchanged from August.

Halifax managing director Russell Galley says: “September saw a third consecutive month of substantial gains.”

“The annual rate of change will naturally draw attention” he says, but notes that “context is important with the annual comparison, as September 2019 saw political uncertainty weigh on the market”.

Galley says: “Few would dispute that the performance of the housing market has been extremely strong since lockdown restrictions began to ease in May.”

“Across the last three months, we have received more mortgage applications from both first time buyers and home movers than any time since 2008.”

“There has been a fundamental shift in demand from buyers brought about by the structural effects of increased home working and a desire for more space, while the stamp duty holiday is incentivising vendors and buyers to close deals at pace before the break ends next March.”