Asking prices for UK houses hit new high after tax cut extended


LONDON: Advertised prices for homes in Britain hit a record high after finance minister Rishi Sunak stoked the market again by extending a tax cut for home-buyers last month, property website Rightmove said.

Asking prices jumped by 2.1% in the five weeks to April 10, only the second time in five years that prices have risen by more than 2% from one month to the next, Rightmove said.

The rise took the average price of property coming to market to an all-time high of £327,797 (US$451,737 or RM1.86mil) and homes were selling in record-fast time, it said.

On March 3, Sunak said he would extend a temporary tax break for buyers and he also announced a new mortgage guarantee scheme for first-time buyers who cannot afford large deposits.

The tax break was rushed out in 2020 to counter the economic hit from coronavirus. It helped to fuel a mini-boom in the housing market which was already seeing strong demand from people seeking more space after their first lockdown.

Other measures of British house prices have also shown a rise since Sunak’s announcement.

Rightmove said its measure of available properties was at a record low. — Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Business News

MARC affirms rating on Sinar Kamiri RM245m green sukuk
MEF: Stricter MCO in Selangor crucial but don’t impose full lockdown
Grab Malaysia introduces programme to assist small food businesses
Gold extends rally as weak dollar, inflation jitters lift appeal
Oil rises as US, Europe reopen economies
Tuju Setia secures RM189mil construction contract
SCIB accepts RM120mil Prima housing contract
Overwhelming response to Cagamas’s RM1.04b issuances
FBM KLCI slides on fears of stricter lockdown
Aditya Laroia new CEO of Maybank KE Singapore

Stories You'll Enjoy


Vouchers