October’s HPI Figures

Written by Loan.co.uk

Dec 15, 2021

Paul McGerrigan, Loan.co.uk’s CEO comments on – UK House Price Index data for October

“House prices have rocketed over the past 18 months, jumping more than ten per cent in a year fuelled by the race for space as people sought larger properties and outdoor area under the constant shadow of lockdowns, coupled with the financial boost of stamp duty holidays.

“Many would have expected the price surge to fall backwards after the end to the stamp duty suspension, but considerable lack of housing stock coming onto the market as well as the decreasing requirement to locate close to urban centres as more are working from home, has meant prices have temporarily plateaued rather than fallen heavily backwards, with only a 1.1 per cent decrease in October.

“This minor drop is expected to be short lived as further restrictions due to Omicron and continued home-working begin to drive people into a relocation mode after the festive period.”

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