House prices across the UK are rising at the fastest rate since before the onset of the banking crisis as a shortage of sellers has continued to pump up the market.
According to the latest figures out today from Halifax, house prices rose by 0.5 per cent bewtween January and February taking the average price of a home in Britain to £278,123. That was up 10.8% on the same period and year earlier and marks the fastest annual growth rate recorded since June 2007.
The housing market has been driven since the lifting of the first lockdown in 2020 by demand for bigger properties as more people work from home. The UK market has also been stoked by a tax incentive offered by Chancellor Rishi Sunak that fully expired at the end of September.
"With new supply limited and mortgage rates still relatively low, we suspect that house price growth will remain buoyant for several months yet," said Andrew Burrell, chief property economist at consultancy Capital Economics.
In the longer term Halifax said surging inflation, tax hikes and rising interest rates should weigh on buyer demand and lead to an easing in house price growth.
Glasgow firm makes £4 million move to former OKI site in Cumbernauld
A Glasgow-based manufacturing company has invested £4 million on a move to bigger premises on the renowned site of the former OKI factory in North Lanarkshire.
The Beal Group said the move would allow it to create 20 new “quality” jobs and diversify into activities supporting the transition to net zero.
Citizens Advice Scotland:1.8m Scots financially worse off during Covid-19 pandemic
More than 1.8 million Scots saw their finances worsen during the Covid pandemic, according to new analysis.
Polling by Citizens Advice Scotland (CAS) found that 41 per cent of adults in Scotland became financially worse off during the crisis, with 26% saying their position was a bit worse and 15% saying it was a lot worse.
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