Data released on Tuesday by the Nationwide building society showed that demand for property has pushed average house prices up 10.9% over the past year, the fastest pace for almost seven years. As a result, the average price of a house in Britain has hit a high of £242,832, up nearly £24,000 over the past 12 months. A decade ago, in May 2011, the average UK house price was below £170,000. The price rises are being driven by a “race for space”, as buyers search for bigger homes and gardens, according to the mortgage lender’s research. While there is stronger preference for rural living among middle-aged homebuyers, many younger buyers are also seeing the attractions of rural locations.

Source: The Guardian June 01, 2021 10:19 UTC