Rolling coverage of the latest economic and financial news, as UK house prices rise at the fastest rate since 2004
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UK house prices have accelerated to a fresh record high, as the property market rebounds after the Covid-19 lockdown.
New figures just released by Nationwide show that the cost of the average house surged by 2% in August alone, up to £224,123 from £220,935 in July.
“UK house prices rose by 2.0% in August, after taking account of seasonal effects, following a 1.8% rise in July. This is the highest monthly rise since February 2004 (2.7%). As a result, annual house price growth accelerated to 3.7%, from 1.5% last month.
“House prices have now reversed the losses recorded in May and June and are at a new all-time high.