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UK housing market – Property prices in the UK are hitting record peaks this summer as Britons seek more space as the pandemic lingers, courtesy of demand stimulated also by temporary tax cuts.

The average sale price rose by 5.4 percent to a record $320,000 in June from a year earlier, lifted also by a supply shortage of listings according to website Zoopla. That was almost a third higher than the previous market peak in 2007, before the onset of the global financial crisis, it added.

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Prices won solid support as swathes of the nation switched to teleworking during the Covid-19 outbreak, ramping up demand for larger homes.

Zoopla cautioned however that demand growth is currently flagging for smaller apartments.

“Demand for houses is still outstripping demand for flats,” said Grainne Gilmore, head of research at Zoopla.

Gilmore noted that the jump in prices was also in part a result of temporary cuts to stamp duty, or taxes on home sales.

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“But underneath this, there is a continued drum-beat of demand for more space among buyers, both inside and outside, funnelling demand towards houses, resulting in stronger price growth for these properties,” she added.

To boost Britain’s virus-ravaged economy, Prime Minister Boris Johnson’s government introduced a raft of costly stimulus measures earlier this year.

Those measures included temporary reductions in the levels of stamp duty. That programme is set to be wound down at the end of September.

Source: Khmer Times

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