A boom in Britain's housing market has started to fade, dampened by new COVID-19 lockdowns and the coming expiry of a temporary tax cut for buyers, a survey showed on Thursday.
House prices see biggest annual growth for six years in 2020
The market was spurred on by tax breaks and changing demand amid the pandemic (Image: Rui Vieira/PA Wire)
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House prices enjoyed their strongest annual growth for six years in 2020 as the market was spurred on by tax breaks and changing demand amid the pandemic, according to an index. Nationwide Building Society said the average UK house price jumped 7.3% this year to £230,920 after rising 0.8% in December alone. The report revealed that prices have jumped 5.3% since March, when the pandemic struck, after demand was sent surging by a stamp duty holiday and the shift to homeworking. The resilience seen in recent quarters seemed unlikely at the start of the pandemic. Nationwide said the stamp duty boost had brought forward Britons’ home-moving plans, while changing working patterns had increased demand for larger homes in less densely populated locations.