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British House Prices Reach Record High

The surge in house prices is being driven by a number of factors, including:

  • Pent-up demand: Many people who were planning to buy a house last year put their plans on hold due to the pandemic. This pent-up demand is now feeding into the market.
  • Low mortgage rates: Mortgage rates remain relatively low, making it more affordable for people to buy a home.
  • Shortage of properties: There is a shortage of properties on the market, which is putting upward pressure on prices.

This is the latest in a string of record highs for British house prices. The average house price has now increased by more than 20% in the past two years.

The high cost of housing is making it difficult for many people to get on the property ladder. The situation is likely to be particularly challenging for first-time buyers.

The government has introduced a number of measures to help first-time buyers, such as the Help to Buy scheme. However, critics argue that these measures are not enough to address the affordability crisis.

The future of the housing market is uncertain. If mortgage rates start to rise, this could cool the market down. The shortage of properties on the market is likely to continue to support prices in the short term.

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