The cost of a house in the UK rose by a little over £3,000 in August as the property market hit new highs. House-buyers have shrugged off continued uncertainty in the economy and social distancing to send the average price of a home to £224,123.
The 2% rise in August of £3,188 wiped out the losses made earlier this year as the pandemic tore through the country, according to data from building society Nationwide.
It is also the highest rise in a single month since February 2004, when prices jumped 2.7%. "The bounce-back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions," said Nationwide chief economist Robert Gardner. "This rebound reflects a number of factors.