13% rise in average UK property prices as demand-side factors dominate
Are soaring property prices - over time - good news for the UK economy?
The arguments for and against double-digit annual growth in property valuations will continue to rage and this issue can make for an interesting early micro/macro classroom discussion to promote skills of analysis and evaluation.
UK average house prices reached a record high of £266,000 in June 2021, which is £31,000 higher than at the same time in 2020.
Average house prices increased over the year in England to £284,000), in Wales to £195,000, in Scotland to £174,000 and in Northern Ireland to £153,000.
Has the Stamp Duty holiday merely added fuel to the fire given the other demand-side factors driving property prices ever higher? This BBC news report looks at some fresh research from the Resolution Foundation.