Record rise in British property prices 2021
Dec 30, 2021
In 2021, house prices in the United Kingdom rose by more than 10%, a record increase in 15 years, bringing the average price of a single property to 254,822 pounds (more than 300,000 euros), according to Nationwide Bank figures. Real estate prices have risen since the beginning of the year due to the Covid-19 pandemic, which urged many city dwellers to search for more spaces, while the government stopped imposing a tax on real estate transactions, but the procedure ended in September. In a statement published Thursday, the Nationwide Bank considered that the rise in housing prices this year was “the strongest since 2006,” noting that the annual increase observed in December amounted to 10.4%. In its latest figures published in mid-December, the British Office for National Statistics noted a 10.2% rise in residential property prices in the last 12 months to the end of October. The number of residential properties available in the market remained very low throughout the year, which led to the continued rise in prices, according to “Nationwide”. The chief economist at Nationwide, Robert Gardner, said, according to the statement, that prices are currently 16% higher than they were at the beginning of 2020, that is, before the start of the pandemic, and that despite the end of the tax deferral, “demand has continued to rise in recent months.”
The bank expected that the rise in real estate prices would subside next year as a result of the end of the imposition of a tax on real estate transactions and also the increasing spread of the epidemic. “The Omicron variant may reinforce the slowdown (in price increases) if it contributes to the weakening of the labor market,” Gardner said, particularly because “the rise in home prices has far outpaced the rise in incomes in the last 18 months.”
The Nationwide Bank added that “the market strength was surprising during the year 2021 and may also be next year,” especially if “changes in (buyers) priorities related to the epidemic continue to support activity and increase prices.” (AFP)
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