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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.
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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.
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Zoopla cautioned however that demand growth is currently flagging for smaller apartments.
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“Demand for houses is still outstripping demand for flats,” said Grainne Gilmore, head of research at Zoopla.
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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.
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To boost Britain’s virus-ravaged economy, Prime Minister Boris Johnson’s government introduced a raft of costly stimulus measures earlier this year.
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Those measures included temporary reductions in the levels of stamp duty. That programme is set to be wound down at the end of September.
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Source: Khmer Times
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