UK house prices record highest rate of increase since 2007
October 7, 2021, 2:02 pm

UK house prices record highest rate of increase since 2007

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The Forbes reported according to Halifax, average UK property prices reached another record high last month.

According to the Forbes, the bank’s monthly house price index shows the average property was valued at £267,587 in September 2021. This is a 1.7% increase month-on-month compared with August’s figure of nearly £263,000, itself a record.

Halifax said the latest monthly rate of growth is the largest since February 2007. It added that year-on-year UK house price inflation was 7.4% in September, reversing a three-month downward trend.

Wales continues to outstrip any other area in the UK with average annual house price growth of 11.5%,. Scotland (8.3%) also outperformed the UK national average. The South West (9.7%) remains England’s strongest performing region, while the weakest was the South East (7%).

Russell Galley, Halifax’s managing director, said: “While the end of the stamp duty holiday in England and a desire among homebuyers to close deals at speed may have played a part in these figures, it’s important to remember that most mortgages agreed in September would not have completed before the tax break expired.

“This shows that multiple factors, including the ‘race for space’, have played a significant role in house price developments during the pandemic.”

Miles Robinson at online mortgage broker Trussle said: “With so little housing stock across the country, it is likely that momentum will continue, and the market will remain active in the coming months.

“The race for space, coupled with many companies still allowing employees to work from home, means countryside locations in particular are continuing to be extremely popular.”

Source: forbes

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”