Home Prices in Britain Increased at The Fastest Annual Pace Since 2016

British home prices increased last month at the fastest annual pace since June 2016, data from the Halifax Mortgage Company showed on Wednesday, the latest sign of a housing market rally following the lifting of lockdown measures linked to the coronavirus pandemic.

Home prices rose 7.3% compared to September last year, accelerating from an annual growth rate of 5.2% in August.

“Context matters in the yearly comparison, but September 2019 saw political uncertainty affecting the market,” said Halifax Managing Director Russell Galley.

“We still believe that clear downward pressure on house prices is expected at some time in the coming months, given that the facts related to an economic recession are becoming more concrete,” Galli said.

Halifax said house prices increased 1.6% between August and September.

Other indicators in the housing market also indicate an increase in activity in the past few months due to the launch of pent-up demand after the lifting of the general isolation measures and by the reduction of the real estate sales tax.

But analysts still doubt that the price hike will continue.