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The figures prompted debate among experts about whether the house price boom could be followed by a bust.
House prices rise due to the race for space .
House prices were up by 1.8% month-on-month following a 2.3% increase in April.
Robert Gardner, Nationwide’s chief economist, said: “The market has seen a complete turnaround over the past 12 months.
“A year ago, activity collapsed in the wake of the first lockdown, with housing transactions falling to a record low of 42,000 in April 2020.
“But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March.”
He said the spike in sales was helped by a stamp duty holiday, which was due to end in March but later extended.
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