Home Headlines UK home asking prices rise, tax cuts to spur demand: Rightmove
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

UK home asking prices rise, tax cuts to spur demand: Rightmove

by uma
9 views

LONDON (Reuters) – Asking prices for British homes advertised rose solidly this month and last week’s cut to property purchase tax announced by finance minister Kwasi Kwarteng could fuel demand further, property website Rightmove said on Monday.

Prices rose by 8.7% in annual terms after an 8.2% increase in August, with the average asking rising to 367,760 pounds ($399,240), Rightmove said.

Britain’s housing market had been showing signs of cooling after a more than 20% surge in prices since the start of the pandemic, as the cost of living rises and the Bank of England steadily raises interest rates.

But last week Kwarteng announced an immediate cut to the “stamp duty” tax on home-buyers, part of a wider plan to boost economic growth that was received poorly by financial markets.

“Friday’s announcement is likely to stimulate some more demand (in the housing market),” Rightmove director of property science Tim Bannister said.

“If it does lead to a big jump in prospective buyers competing for the constrained number of properties for sale, then it could lead to some unseasonal price rises over the next few months.”

Rightmove’s index of asking prices, which is not seasonally adjusted, typically falls in November and December.

Kwarteng’s move to raise the transaction threshold at which stamp duty kicks in, to 250,000 pounds from 125,000 pounds, means a third of all homes currently for sale are now completely exempt in England, Rightmove said.

($1 = 0.9211 pounds)

 

(Reporting by David Milliken, editing by Andy Bruce and Angus MacSwan)

 

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More