Stamp duty cut and pent-up demand help push average property price past £245,000

House prices in the UK jumped to a new record last month, with the average price of a property rising beyond £245,000, according to one of Britain’s largest mortgage lenders.

But Halifax, which is part of Lloyds Banking Group, cautioned that such strong price growth was unlikely to continue as unemployment was expected to keep rising and household earnings had been reduced by the Covid-19 pandemic.

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