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Average house prices have climbed about £20,000 in the last year, the Halifax says, as the buying frenzy prompted by the stamp duty holiday continues.
Prices are up 8.2% in the last 12 months, the highest annual growth rate for five years, it said.
Altura mortgage broker Rob Gill said fear of missing out (FOMO) was driving the surge. There s a fear among buyers that they could miss out if they don t hurry up and buy before prices spiral, he said.
The Halifax said that prices rose sharply in April, up by 1.4% compared with March. The average price of a UK home hit £258,204, a record high.
BBC News
By Kate Berry
image captionOfficial data shows average UK house prices rose more than 8% in a year
UK property transactions in March 2021 were at their highest level since records began in 2005, according to the HMRC.
There were more than 180,000 UK property sales in March, more than double the number in the same month last year.
Official data shows average UK house prices rose more than 8% in a year.
Kirstie Allsopp, presenter of Channel 4 s Location, Location, Location, says she is concerned by the decisions people are making.
She says: People don t know if they re going to have to go back to work in an office.