UK house prices spike 11pc despite looming tax rise
Surging value will continue even when stamp duty increases, experts say as properties jump at fastest pace for seven years
1 June 2021 • 8:45am
House prices rose 10.9pc in the 12 months to May with double-digit increases expected to continue well into the summer.
The average cost of a home reached an all-time high of £242,832 last month, an increase of £23,930 since May 2020.
Last month's 10.9pc increase was the highest 12-month figure for seven years, according to lender Nationwide. The figures chime with those recorded by the Office for National Statistics: house prices grew 10.2pc in the year to March, the highest since before the financial crisis in August 2007.