UK house prices rise by 10% amid stamp duty holiday rush

Desire for larger homes and outdoor space during the pandemic help drive growth in the year to May

UK house prices rose by 10% in the year to May, the fastest rate since before the 2008 financial crisis, as buyers scrambled to take advantage of the stamp duty holiday in some parts of the country.

Data from the Office for National Statistics put the average price of a property at 254,624. The annual growth appears to have been driven by buyers' desire for larger homes and outdoor space, and the stamp duty savings that were largest on homes in England and Northern Ireland priced at 500,000 and above.