UK housing boom continues with prices up 10.9% a year

Annual house price growth rises to 10.9%, the highest level in nearly seven years – according to figures from Nationwide.

It says:

• Annual house price growth rises to 10.9%, the highest level in nearly seven years
• Prices up 1.8% month-on-month, following a 2.3% rise in April
• New record average price of £242,832, up £23,930 over the past twelve months

Nationwide’s Chief Economist, said: “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.”