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Home prices increased by 10.9 percent, the highest level seen in seven years

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According to Nationwide, UK home prices rose 10.9 percent in the year to May, the highest level seen in seven years.

The average house price in the UK has risen to £ 242,832, an increase of £ 23,930 over the previous year.

Home-buyers are in the “space race” as they look for properties with large homes and gardens, nationwide said.

“The market has completely changed over the past twelve months,” said Robert Gardner, chief economist at Nationwide.

He said a year ago, home price activity fell in the wake of the first nationwide lockdown, with housing sales hitting a record low of just 42,000 in April of 2020.

It comes after UK steel tycoon Sanjeev Gupta The sale of seven UK plants employing 1,500 people in a restructuring following the collapse of lender Greensil. These include Liberty Steel’s largest site in the UK, its aerospace and special alloys business, located in Stocksbridge, near Sheffield, which currently employs 762.

“But activity reached a record high of 183,000 at the end of last year and in March 2021,” Mr Gardner said.

He said that the extension stamp duty The holiday from its original March closing date helped the market maintain momentum, but it is no longer a major driving force behind the prices.

“It is shifting housing preferences, which is driving activity, with people re-evaluating their needs in the wake of the pandemic,” he said.

According to research from the Building Society, a “space race” occurs, in which people move to get easier access to a garden or outdoor space.

“Most people are looking to move to less urban areas,” said Mr. Gardner.

Concession Launched during the COVID-19 pandemic to boost the housing market and in turn the UK economy has had a significant impact within the past 12 months.

In order to support the housing market, from July all sales within both England and Northern Ireland were suspended by buying property at £500,000 in advance.

comes after Ministers withdraw from local travel advisories for eight areas most affected by the Indian Covid version, the confusion arose after the change in advice. The revised advisory has asked people to reduce their travel in and out of eight areas: Bolton, Blackburn, Kirklees, Bedford, Burnley, Leicester, Hounslow and North Tyneside.

Similar support for homebuyers was introduced in Scotland and Wales.

Tax relief was due to expire across the United Kingdom at the end of March, prompting sales growth to beat the planned cut-off date, but only Scotland is sticking to that deadline.

England, Northern Ireland and Wales extended relief till the end of June.

Then in England and Northern Ireland, the zero rate band will be set at £250,000, which is double its standard £125,000 level, by the end of September.

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