UK house price rises accelerate, says Nationwide

1 September 2021

UK house prices accelerated in August, the Nationwide has said, with values now 13% higher than before the pandemic.

The building society said that annual house price growth sped up, to 11%, with the average home costing £248,857.

It said property prices recorded their second largest month-on-month rise in 15 years, up by 2.1%.

The Nationwide said the increase was “surprising”, given that the benefit from stamp duty holidays was reduced.

At the end of June, stamp duty holidays became less generous in parts of the UK. Many thousands of deals were rushed through to beat the deadline.

The tax breaks led to significant movement at the top end of the market.

The Nationwide’s chief economist, Robert Gardner, said there was strong demand from those buying a property priced between £125,000 and £250,000, as there were still some stamp duty savings in parts of the UK.

“As we look towards the end of the year, the outlook is harder to foresee. Activity will almost inevitably soften for a period after the stamp duty holiday expires at the end of September,” he said.

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