UK sees highest increase in house prices in six years
British home prices accelerated 0.8% from mid-May to early June, touching their sharpest level of growth since 2015. The expansion was owed mainly to a shortage of available housing, property website Rightmove reported on Monday.
The figure stood lower than the 1.8% drop recorded a month ago, pointing to a minimal decline. Nonetheless, the reading still sent asking prices 7.5% higher than their level touched in March 2020, a figure last monitored before the country implemented its first-ever coronavirus lockdown.
The coronavirus pandemic fuelled an increase in house prices last year, with wealthier households seeking larger space for remote working setup. This was then supported by the government’s reduction of property purchase taxes to offset a decline in sales during the virus crisis.