Median UK home prices stand at £ 242,382, according to Nationwide.

Factors such as increased demand for more significant properties and the stamp duty holiday would have driven this increase.

According to the latest figures from the latest Nationwide Homes Prices Index, the median home price in the UK rose to £ 242,832 in May, up from £ 238,831 the previous month.

The statistics showed a slight deceleration in the growth rate, with a monthly variation of 1.8 percent, compared to 2.3 percent between March and April. However, the annual variation for this month is 10.9 percent, compared to 7.1 percent four weeks earlier.

This is how the industry reacts to the latest home prices index.

Robert Gardner, the chief economist at Nationwide, said: “The market has undergone a total change in the last twelve months. A year ago, activity collapsed in the wake of the first shutdown, with housing transactions falling to a record low of 42,000 in April 2020. But activity soared towards the end of last year and into 2021, hitting a record 183,000 in March.”

He added: “While the increase in transactions in March was due to the original stamp duty holiday ending date, a lot of momentum has been maintained. Our research indicates that the extension of the stamp duty holiday period is not the key factor, although it is affecting the timing of transactions.”

There was a lot of talk within the industry about the numbers. Miles Robinson, Trussle’s chief mortgage officer, said it was “positive” to see continued momentum in the housing market.

He added: “However, with the UK median home sales price reaching a significant £ 242,832 in May, many might be wondering if now is the right time to buy. There is a possibility that the upcoming stamp tax holiday deadline is creating a false economy of bidding wars, with home prices inflating beyond their original value. This puts buyers at risk of being undervalued by lenders during the mortgage process, and even if applications are successful, homeowners could find themselves at negative net worth later.”

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