UK'S house prices are hitting an unprecedented increase.

The UK property market witnessed a mini boom in the second half of 2020 as the fear of Brexit eventually disappeared and the lockdown eased. However, the UK lately saw another two lockdowns and even the Brexit talks came to the fore. But all of these factors have not been able to become an impediment to the increase in the UK's property market, according to an expert. The reason behind it is being believed that the market has been fuelled by the government's generous temporary cut in stamp duty land tax.

The Land Registry says the cost of a property in the UK expanded by 1.2 percent month-on-month and 7.6 percent year-on-year, arriving at a normal sticker price of ￡249.633.

Nationwide’s index, which depends on mortgage lending, revealed a 0.8 percent month to month and 7.3 percent yearly acceleration in December