U.K. house prices witnessed their biggest growth since 2016 in the month of August, climbing to a record high, according to the Halifax House Price Index.
Britain’s longest-running barometer of the property market, which is run by analysis company IHS Markit, found that U.K. house prices grew by 5.2% in August compared to the same month last year, marking the strongest annual growth in prices since the end of 2016.
The price of the average U.K. house hit £245,747 – the first time on record that prices have crossed the mark of £245,000.
Russell Galley, MD at Halifax, said the surge in property market activity had driven up house prices as lockdown measures eased in the summer months.
