UK house prices up 10% in a year according to Swindon-based Nationwide
The average property price has hit a record high
Last updated 2nd Jun 2021
UK House prices have increased by more than 10% over the past year.
That is according to the Nationwide Building Society, which has its national headquarters in Swindon.
Nationwide's house price index was 10.9% higher in May than the same figure 12 months earlier, marking the strongest annual growth in nearly seven years.
Across the UK, average property values hit a new record average of £242,832 – a year-on-year increase of £23,930.
What has made house prices go up?
The figures prompted debate among experts about whether the house price boom could be followed by a bust.
Property prices were up by 1.8% month-on-month, following a 2.3% rise in April.
Robert Gardner, Nationwide’s chief economist, said: “The market has seen a complete turnaround over the past 12 months.
“A year ago, activity collapsed in the wake of the first lockdown, with housing transactions falling to a record low of 42,000 in April 2020.
“But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March".
He said the spike in sales was helped by a stamp duty holiday, which was due to end in March but later extended.
“A lot of momentum has been maintained. Our research indicates the extension to the stamp duty holiday is not the key factor, though it is clearly impacting the timing of transactions," Mr Gardner added.
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