PHOTO: At the country level, Wales recorded the largest annual house price growth in the year to March 2021, increasing by 11.0%. Photo: Nathan Stirk/Getty Images
UK house prices rose at the fastest pace in nearly 14 years in March after Rishi Sunak announced the extension of the stamp duty holiday.
Property prices increased 10.2% in the year to March 2021, up from 9.2% in February this year. This was the highest annual growth rate the UK has seen since August 2007, according to official figures.
Prices soared 1.8% in March alone, the highest increase in any month since April 2014.
The average British house price value now stands at a record £256,405 ($363,275), compared with £232,684 in the same time period in 2020.
“March was a record month that saw the highest transaction numbers in England ever recorded and the second highest monthly stamp duty tax take,” said Nick Barnes, head of research at Chestertons. “Buyer motivation was driven by the stamp duty holiday deadline and the relaxation of lockdown restrictions.”
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