{"id":111650,"date":"2021-04-09T10:59:47","date_gmt":"2021-04-09T10:59:47","guid":{"rendered":"https:\/\/fin2me.com\/?p=111650"},"modified":"2021-04-09T10:59:47","modified_gmt":"2021-04-09T10:59:47","slug":"new-boom-uk-tax-break-extension-pumps-up-house-prices","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/new-boom-uk-tax-break-extension-pumps-up-house-prices\/","title":{"rendered":"New boom? UK tax break extension pumps up house prices"},"content":{"rendered":"

LONDON (Reuters) -British house prices surged last month, mortgage lender Halifax said on Friday, a further sign that finance minister Rishi Sunak\u2019s decision to extend a property purchase tax cut has again pumped up the housing market.<\/p>

FILE PHOTO: A rainbow forms over terraced housing during a rain storm in south London, Britain, April 9, 2016. REUTERS\/Russell Boyce<\/figcaption>

Mortgage lender Halifax said house prices rose 1.1% in monthly terms during March, the biggest increase in six months, after a flat reading in February.<\/p>\n

In annual terms, prices rose 6.5%, the strongest reading in four months and taking the average house price to a record high 254,606 pounds ($348,683), Halifax said.<\/p>\n

The survey chimed with data from the Royal Institution of Chartered Surveyors on Thursday, which showed a renewed housing market upturn after Sunak\u2019s budget last month.<\/p>\n

Sunak extended his COVID-19 emergency cut to a property purchase tax, known as stamp duty, while Britain\u2019s economy remained under the strain of social-distancing restrictions.<\/p>\n

He also announced a new mortgage guarantee scheme for first-time buyers who cannot afford large deposits.<\/p>\n

\u201cThe rise in house prices recorded by Halifax in March probably marks the start of a renewed surge in house price inflation into double figures over the summer,\u201d said Andrew Wishart, an economist at consultancy Capital Economics.<\/p>\n

MARKET BUBBLE FEARS<\/h2>\n

The housing market is an important source of consumer wealth and collateral for small business investment, but is also a marker of wealth inequality in Britain.<\/p>\n

A new jump in house prices would boost all of those things.<\/p>\n

\u201cHave we learned nothing from the global financial crisis?,\u201d former Bank of England policymaker Andrew Sentance said.<\/p>\n

Then, loose monetary and financial policies including a massive housing price bubble resulted in crisis, he said on Twitter, adding: \u201cHistory seems to be repeating itself now as the housing market is pumped up by low interest rates.\u201d<\/p>\n

Halifax said it expected the upturn to persist in the next few months as consumer confidence grows on the back of Britain\u2019s swift COVID-19 vaccine rollout.<\/p>\n

\u201cHowever, with the economy yet to feel the full effect of its biggest recession in more than 300 years, we remain cautious about the longer-term outlook,\u201d Halifax added.<\/p>\n

($1 = 0.7302 pounds)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) -British house prices surged last month, mortgage lender Halifax said on Friday, a further sign that finance minister Rishi Sunak\u2019s decision to extend […]<\/p>\n","protected":false},"author":3,"featured_media":111649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nNew boom? UK tax break extension pumps up house prices - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/new-boom-uk-tax-break-extension-pumps-up-house-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New boom? 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