Increased homeworking during the pandemic has pushed up house prices in areas surrounding most of Britain’s biggest cities more than in the urban centres as buyers seek more space, research from the Halifax bank has shown.
In the areas around big cities, excluding London, the average house price grew 10.8 per cent between March 2020 and June 2021, according to an analysis of mortgage transactions included in the Halifax house price index published on Saturday. This compares with growth of 8.9 per cent for house prices in the cities.
Ashley Thomas, director of London-based mortgage broker Magni Finance, said the stamp duty holiday did not make much difference for people buying expensive properties. “A large garden and being in the countryside or near a beach has become a default setting for many high-income buyers.”
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