UK house prices rise at fastest rate since 2004

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House prices are rising at their fastest rate in almost 17 years after a dash to beat a stamp duty holiday deadline in England and Northern Ireland pushed the annual rate of property inflation to 13.2% in June.

Figures from the Office for National Statistics showed the average house price across the UK increased by £31,000 to £266,000 over the past year – or just over £2,500 a month.

House price inflation using Land Registry data stood at 2% in June 2020 but has gradually increased over the previous 12 months. Pent-up demand, the search for bigger homes as a result of the pandemic, and the decision by the chancellor, Rishi Sunak, to waive stamp duty on properties worth less than £500,000 have all contributed to the rise.

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UK house prices rise at fastest rate since 2004

House prices are rising at their fastest rate in almost 17 years after a dash to beat a stamp duty holiday deadline in England and Northern Ireland pushed the annual rate of property inflation to 13.2% in June.

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