BOOM: House price rise fastest for 4 years, according to Halifax index

[AtW]

“ House prices rose at their fastest annual rate in more than four years last month but the market is starting to lose momentum, a closely watched survey suggests.

Property values rose by 7.5 per cent in October, according to the Halifax house price index. This was up from 7.3 per cent in September and the fastest growth rate since June 2016. The average price of a home in Britain is now £250,457.

The latest figures suggest that the housing market is holding up well after rebounding when estate agencies reopened in May. A surge in pent-up demand and the government’s stamp duty cut have supported activity even as the broader economy has struggled.
”

House price rise fastest for 4 years, according to Halifax index | Business | The Times

[jamesbrown]

Perfect set-up for falling at the fastest rate in 10 years.

[scooterscot]

Reinstating stamp duty next Spring will be interesting..

[jamesbrown]

Reinstating stamp duty next Spring will be interesting..

Unless they extend, the real deadline is more like now (or soon) as stamp duty is paid on completion.

[AtW]

New taxes are going to make McDonnell feel inadequate

[ChimpMaster]

Reinstating stamp duty next Spring will be interesting..

Someone buying a house for £500k now, is saving £15k in SLDT. Hardly going to rock the market if they have to pay that in the future.

Besides, lots of noise being made about the SLDT cut becoming permanent, because it helps FTBs the most.

I would rather that prices fall to more reasonable levels. Surveyors are down-valuing properties in a lot of areas already, by 10%+ in many cases. A 20% fall would be nice if it didn't result in carnage on the wider economy.

[_V_]

Quite glad I own a lot of property and stocks. Cash is trash as they say.

[ChimpMaster]

Quite glad I own a lot of property and stocks. Cash is trash as they say.

UK stocks are trash.

Haven't you heard? The FTSE100 will be at 4,500 by the end of November

I'll bet £250k on that.

Actually, I won't.

[scooterscot]

Someone buying a house for £500k now, is saving £15k in SLDT. Hardly going to rock the market if they have to pay that in the future.

The market has certainly been rocked by its temporary withdrawal. Is it not reasonable to expect the same in reverse?

Continuous extension only hurts the treasury in lost tax receipts thereby hurting everyone. A great fraud is laid bare before us, deliberate weakening of the currency, which only hurts the poor who already have been in the ring for 11 rounds.

[scooterscot]

Quite glad I own a lot of property and stocks. Cash is trash as they say.

Don't take this the wrong way... but you're holding two of the most inflated asset classes.