UK house prices have risen by 10.9% in the year to May, the highest level in seven years, according to the Nationwide.
The average house price has risen to £242,832, up £23,930 over the past twelve months.
Nationwide are of the view that buyers are in a "race for space" as they seek larger homes and properties with gardens.
Robert Gardner, Nationwide's chief economist said:
"The market has seen a complete turnaround over the past twelve months
But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March.
It is shifting housing preferences which is continuing to drive activity, with people reassessing their needs in the wake of the pandemic.
The majority of people are looking to move to less urban areas."
The rise in prices will underpin the UK's economic recovery, with growth now forecast by the OECD to be 7.2%.
Tax Investigation Insurance
Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.
You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.
Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.
A Solar Protect policy will enable your Accountant (your tax return agent) to:
- Deal with any correspondence from HMRC
- Attend any meeting with HMRC
- Appeal to the First-tier Tribunal or Upper Tribunal
- Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly
Please click here for details.