Economics
U.K. House Prices Post Biggest Monthly Increase Since 2004
- Home values boosted by pent-up demand, tax cut for buyers
- Nationwide warns market could slow as pandemic support ends
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U.K. house prices increased by the most in 16 years in August after a tax cut stoked post-lockdown demand, but the revival could prove-short-lived as the government begins to withdraw its pandemic support.
Values jumped 2% from a month earlier to an average of 224,123 pounds ($300,000), Nationwide Building Society said Wednesday. On an annual basis, prices rose 3.7%.