Tax Cuts Have Led to the Biggest Jump in the UK House Prices Since 2004
April 30, 2021
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In April 2021, housing prices in the country jumped by 2.1% on a monthly basis.
The UK house prices jumped 2.1% in April 2021. This is the biggest monthly increase in more than 17 years, according to the mortgage lender Nationwide. This happened after Finance Minister Rishi Sunak extended tax incentives for the purchase of real estate, writes Reuters.
Home prices are now 7.1% higher than in April 2020, just below the six-year high of 7.3% recorded in December 2020, as restrictions and the growth of remote work continue to drive demand for more spacious housing.
"Just as waiting for the stamp duty holiday to end led to a slowdown in property price growth in March, the extension of tax breaks caused a second acceleration in April," says Nationwide chief economist Robert Gardner.
Nationwide believes that house prices may rise further in the coming months due to limited supply and continued desire to move as a result of the pandemic, which has reduced demand for small properties in urban centers.
However, Gardner says activity could slow this year, and possibly dramatically, if the country's unemployment rate rises as expected.
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