Housing prices in the UK continued to rise last August, despite the end of the tax relief period for homebuyers, according to a report by Halifax Mortgage.

The bank stated in a report that the average price of a residential unit in the UK rose last month by 0.71% month-on-month to £262,954 ($364,000), following a 0.4% increase in July. Meanwhile, the annual rate of price increase last month was 1.71%, compared to 6.71% annually in July.

Despite the expiration of the stamp duty exemption on real estate transactions—which was implemented last year and ended on July 1—strong demand for housing in Britain continued. Halifax Bank said there are other factors affecting the real estate market, including low mortgage rates, a shortage of supply in the market, and increased savings rates among Britons during the lockdowns imposed to contain the COVID-19 pandemic, which also prompted many buyers to look for larger homes away from major cities.

Bloomberg News quoted Russell Galli, managing director at Halifax, as saying “We believe there are structural factors driving this record level of buyer activity (in the housing market), such as the demand for more space amid the expansion of working from home.”