Pandemic boom drives UK house prices up by most since 2004
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Posted: 29/06/2021
U.K. house prices grew at their fastest annual pace for more than 17 years in June, adding to a growing wealth gap that’s worrying policy makers.
Property prices rose 13.4% from a year earlier, the biggest gain since November 2004, Nationwide Building Society said Tuesday. It’s the first major survey prices for this month, indicating the momentum registered by estate agents and mortgage lenders in May is continuing.
Buyers are snapping up homes with more space outside urban areas after 16 months of lockdowns to control the pandemic. The market also is benefiting from borrowing costs near a record low and a temporary tax break on purchases that will be phased out starting on Wednesday.
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