House prices in the UK rose 1.7 per cent month-on-month in September to an average of 267587 pounds, the biggest increase since February 2007, according to data released on Thursday by Halifax, the largest mortgage lender.
House prices in the UK rose 7.4 per cent in September compared with the same period last year. The UK property market has been booming since last summer, driven by tax breaks for property purchases and demand for large houses with office space far from the city centre.
Although the stamp duty limited time relief policy was completely over by September, many factors supporting the market still exist, including continued "space competition", cheap loans, lack of houses for sale, savings accumulated during the blockade and a strong job market.