(Nationwide House Price Index) UK house prices reached an average price of 248,857 in August, a 2.1% surge from July and the second-largest increase in 15 years.
On an annual basis, UK house prices rose 11% in August, from a gain of 10.5% in July.
UK house prices are now 13% higher than the pre-pandemic level.
The gain in housing prices reflected increasing demand, amid a scarcity of units in the market.
The jump in housing prices happens amid the tapering of the UK stamp duty relief by the end of June, with the consumers buying homes with a huge tax bill.
Nationwide’s chief economist Robert Gardner expects the underlying housing demand to remain robust in the near term, with consumer confidence having rebounded and borrowing costs at low levels.
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