Global Trade

UK house prices surged by 10.6% from August in year; ONS

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Official numbers released on Wednesday indicated that house prices in the United Kingdom increased by 10.6% in August compared to the same month a year ago,

up from an 8.5 percent increase in July, when sales slowed as a property tax benefit was phased out.

In June, house prices increased by 12.8 percent, the greatest level since before the financial crisis of 2007-2008, when buyers took advantage of a stamp duty discount on property acquisitions in England and Northern Ireland.