MNI BRIEF: UK House Prices End 2020 At Record High: Halifax

UK house prices ended 2020 at a record high average price, up 6.0% on the year at GBP253,374, the Halifax said Friday. Prices rose 0.2% on month in December, slowing from the 1.0% rise seen in the previous months. Helped by government schemes including a time-limited holiday of stamp duty, prices rose steadily from mid-year, the monthly update on house prices noted.

Russel Galley, Halifax Managing Director, said the year was "a tale of two distinct halves".

"Following a strong start, the first half was dominated by the restrictions on movement due to Covid-19, and prices were subsequently down 0.5% at mid-year as the market effectively ground to a halt. However, when the market reopened, prices soared as a result of pent-up demand, a desire amongst buyers for greater space and the time-limited incentive of the stamp duty holiday," he added.