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House prices soar 10.9% to seven-year high in race for space
House prices in the UK jumped by an annual 10.9% driven by shifting preferences and buyers seeking new homes in the wake of the pandemic.
The data, collected by mortgage lender Nationwide, shows the largest rise in house prices in almost seven years, which hit a fresh record high at an average of £242,832.
This is an increase of £23,930 over the past 12 months.
According to a survey conducted by Nationwide, the majority of buyers would be considering a move even without the tax incentive recently extended by Chancellor Rishi Sunak - although the stamp duty holiday was helping to maintain momentum, the company said.
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