Latest data released by UK Nationwide Building Society – 1 June 2021

  • Prior +2.1%
  • House prices +10.9% vs +9.4% y/y expected
  • Prior +7.1%

Annual house price growth hits double-digits in May as housing market conditions continue to run hot, with the average price of dwellings rising to £242,832 – a record high.

Nationwide notes that:

“May saw a further acceleration in annual house price
growth to 10.9%, the highest level recorded since August
2014. In month-on-month terms, house prices rose by 1.8%
in May, after taking account of seasonal effects, following a
2.3% rise in April.

“The market has seen a complete turnaround over the past
twelve months. A year ago, activity collapsed in the wake of
the first lockdown with housing transactions falling to a
record low of 42,000 in April 2020. But activity surged
towards the end of last year and into 2021, reaching a record
high of 183,000 in March.”

“While March’s spike in transactions was driven by the
original end date of the stamp duty holiday, a lot of
momentum has been maintained. Our research indicates
that the extension to the stamp duty holiday is not the key
factor, though it is clearly impacting the timing of

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