U.K. house prices recorded their biggest growth since 2016 in August, climbing to a record high, according to Britain’s longest-running barometer of the property market, CNBC reports. The Halifax House Price Index, which is run by analysis company IHS Markit, found that U.K. house prices grew by 5.2 percent in August compared to the same month last year. It marks the strongest annual growth in prices since the end of 2016. The price of the average U.K. house hit £245,747 (US$324,241) – the first time on record that prices have surpassed £245,000. Russell Galley, managing director at Halifax, said the surge in property market activity had driven up house prices as coronavirus lockdown measures eased in the summer months.

Source: The Standard September 07, 2020 13:30 UTC