BUSINESS LIVE: House prices swell to all-time high

BUSINESS LIVE: FTSE climbs as vaccine expectations boost sentiment; House prices swell to all-time high

  • UK property prices increased by 2% in August, new Nationwide index shows
  • Government launches Kickstart Scheme to try and help young workers today 

Property prices across Britain rose 2 per cent in August from the previous month, boosted by pent-up demand following the lockdown, according to new figures from Nationwide.

Natiownide said prices recovered from recent dip to reach new all-time high in August. The lender said the increase last month followed a 1.8 per cent rise in July, and it marks the highest monthly rise since February 2014.

Annual house price growth jumped to 3.7 per cent last month from 1.5% in July.

Across the country, the average price of a home stood at £224,123 in August, Nationwide said. 

As the nation and economy tries to get back on its feet post-lockdown, the Government has today launched its Kickstart Scheme, aimed at helping young people get into work.

Businesses can join the scheme from today, with the state paying employers £1,500 to help set up support and training. 

In company news, Barratt Developments has scrapped its special dividend for shareholders after suffering a 46 per cent drop in annual profits. 

Meanwhile, The Gym Group reported an adjusted pre-tax loss of £26.3million for the six months to 30 June, down from the profit of £7.1million. 

The FTSE 100 is faring better than yesterday, up 1.15 per cent to 5,929 in early morning trading.