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

23rd August 2021
Are soaring property prices - over time - good news for the UK economy?
Everyone has been saying the stamp duty holiday caused the pandemic-defying house price boom of the past year - but is that really true? The latest RF report shows prices have risen fastest in the places where the tax break has had least impact: https://t.co/9vxrgOYpnp pic.twitter.com/cXO6c7JSBp
— Resolution Foundation (@resfoundation) August 22, 2021
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.
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