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U.K.’s Tax-Fueled Housing Rally Shows Uneven Economic Rebound

  • Property boom contrasts with weaknesses elsewhere in economy
  • Lobby group warns of surge in U.K. business insolvencies
UK House Prices See Monthly Fall in May Since 2009
Photographer: Luke MacGregor/Bloomberg
Updated on

U.K. house prices posted their biggest annual gain since 2016 in September as a tax cut fueled a post-lockdown demand to move.

Values climbed 5% from a year earlier to an average of 226,129 pounds ($290,000), Nationwide Building Society said Wednesday. The report comes a day after Bank of England data showed mortgage approvals have hit a 13-year high.