Houses prices rose at the fastest pace in more than 16 years in June, jumping 13.4pc year-on-year as buyers rushed to snap up homes before the end of the stamp duty holiday.
Nationwide said the average house price increased to £245,432 from £216,403 in June 2020.
Nationwide chief economist Robert Gardner said prices were "close to a record high" in relation to average incomes, which he added "makes it even harder" for first-time buyers.
He told the BBC the pandemic had "stimulated" the housing market.
Mr Gardner said lots of people had "reassessed what they want from home" in terms of space and where they live as a result of the coronavirus lockdowns.
"The pandemic is an unusual kind of shock - it has stimulated housing market activity rather than the shock holding back the market which is normally what happens."
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