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Why house prices are on the rise again

HM Revenue and Customs figures published last week showed an estimated 64,680 house sales took place in April – 64 per cent lower than the 177,440 reported in March
HM Revenue and Customs figures published last week showed an estimated 64,680 house sales took place in April – 64 per cent lower than the 177,440 reported in March (PA Archive)
  • UK house prices increased by 0.5 per cent in May, reversing the 0.6 per cent decline seen in April, according to Nationwide Building Society.
  • The average UK house price reached £273,427 in May, with an annual increase of 3.5 per cent, slightly higher than April's 3.4 per cent.
  • Nationwide's chief economist, Robert Gardner, cited "supportive" underlying conditions for buyers, including low unemployment and rising earnings.
  • A stamp duty holiday ended in March, leading to a rush of sales before the deadline and a subsequent 64 per cent drop in house sales in April, according to HMRC figures.
  • Experts suggest that despite the stamp duty changes, the market remains active, with lenders trimming mortgage rates and an increase in property listings providing opportunities for buyers.
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