House prices rose by 13.4% in June, marking the biggest annual increase for more than 16 years, according to the Nationwide House Price Index.

The average selling price in the United Kingdom was £245,432, up from £216,403 in June 2020. The 13.4% annual price rise is the highest recorded by the building society since November 2014 and has been driven in part by buyers purchasing before the stamp duty land tax (SDLT) holiday starts to be phased out from tomorrow.

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