House prices surge 13%

House prices surge 13%

House prices surge

House prices have gone up 13.4% in the past year according to mortgage lender Nationwide. That’s the fastest annual rise since 2004. The average UK home now costs £254,432 - up 0.7% from May. Northern Ireland and Wales saw the biggest rises, with price growth of 14%, while London and Scotland lag behind.

Higher stamp duty

The rapid rise in property prices has pushed 1.8 million homes into a higher stamp duty bracket, according to Zoopla. The land tax is calculated based on the sale price of the property, but the stamp duty holiday has meant no tax to pay on the first £500,000. The spike in buyer activity has pushed prices up, meaning more homes are over the threshold for paying the tax in normal times.

Money confidence

Financial jargon is a major barrier to investing for many people, according to a survey by TSB. 35% of Brits say they have low or no confidence in their financial abilities, and 30% say jargon makes financial products confusing.

Facebook tops $1 trillion

Facebook has joined the trillion club after escaping 2 antitrust lawsuits. The judge threw out the legal challenges last night, saying there wasn’t enough evidence that the social media giant is a monopoly. It’s a major blow to regulators’ hopes of reigning in powerful tech companies. Facebook’s shares climbed 4% on the ruling.