House prices in the United Kingdom went up by 9.8% in December in comparison to the same period the year before, with the average house price coming in at £276,091, a new all-time high, HBOS PLC stated in its newest report on the Halifax House Price Index released on Friday.
The costs gained 1.1% since November. On a quarterly level, they rose by 3.5%.
"The lack of spending opportunities afforded to people while restrictions were in place helped boost household cash reserves. This factor [...] will have encouraged buyers to bring forward home purchases they'd maybe planned for this year," Halifax's Managing Director Russell Galley stated. "A lack of available homes for sale, and historically low mortgage rates, have also helped drive annual house price inflation to 9.8%, its highest level since July 2007."
