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9/2/2020, 8:02 AM (Source: TeleTrader)
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UK average house prices hit record high in August

House prices in the United Kingdom rose by 3.7% year-on-year in August, according to the Nationwide House Price Index report released on Wednesday. On a monthly basis, the index grew 2%, the highest monthly increase in 16 and a half years.

The average house price in the country in August stood at a record high £224,123, up from £220,935 registered in the prior month.

"Pent up demand is coming through, where decisions taken to move before lockdown are progressing. Behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of life in lockdown," Nationwide's Chief Economist Robert Gardner commented in the report.

Breaking the News / MS