Inflation up to almost ten per cent on house prices

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Inflation up to almost ten per cent on house prices

House price inflation has risen to nearly ten per cent, latest figures have shown, meaning the recent Bank of England interest rate rise has failed to dampen the demand for property in the UK.

Research by Halifax discovered that inflation has increased to 9.6 per cent - up 1.7 per cent during November on the previous month - with the average house price standing at £187,995.

With house prices rising month-on-month, an increasing amount of homeowners are getting caught up in the stamp duty trap and chancellor Gordon Brown refused to dwell on the issue of stamp duty thresholds and whether they would be linked to house price inflation in yesterday's per-Budget report.

Martin Ellis, chief economist at Halifax, stated: "It is disappointing that the chancellor has not taken the opportunity today to reform property related tax. Change is long overdue to bring these thresholds up to date.

"Halifax calls on the government to raise the higher stamp duty thresholds and the inheritance tax threshold in line with the increase in house prices over the past decade."

Halifax also discovered that on UK properties worth £250,000 or over, stamp duty had increased by 175 per cent during the last six years.

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