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13% rise in average UK property prices as demand-side factors dominate

Geoff Riley

23rd August 2021

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.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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