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Tuesday, June 01, 2021

House Prices Rise 10.9%

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%.

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