House prices went up by 10.9% annually in May making it the strongest growth in nearly seven years, according to an index.
The house price growth recorded in May followed a 7.1% annual increase recorded in April, Nationwide Building Society said.
Across the UK, property values hit a new record average of £242,832 – up by £23,930 compared with 12 months earlier, reports PA
The figures prompted debate among experts about whether the house price boom could be followed by a bust.
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.”
