UK inflation picks up to 0.7%, as house prices hit record high – business live | Business

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Not even during the frothiest days of the pre-Financial Crisis boom did price growth jump so far, so quickly.

“Lockdown living sparked the fire, as months of confinement led thousands of people to decide that they wanted more from their home – more space, somewhere comfortable to work and a better standard of life away from the big cities.

“The Chancellor’s Stamp Duty cut, and crucially the fact it was time-limited, then poured fuel on the flames.

“The resulting Stamp Duty stampede – in which buyers have been racing to complete their purchases before the tax break ends – has boosted prices and, in the most desirable areas, detached the property market from economic reality.

“Too many buyers are being tempted to overpay just to secure a tax discount, and losing sight of the fundamentals of buying.

“With England’s second lockdown hitting the pause button for many sectors, the market could now be forced into a welcome reality check.



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