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Why are house prices rising during a recession?

Mhari Aurora

The coronavirus pandemic has damaged the UK economy and caused a recession, household incomes have decreased, and a rise in unemployment looms on the horizon as the furlough scheme is due to come to an end in October.

The average house price in August this year was £245,000 ($309,853) which is up 1.6% from July and 5.2% from August 2019. This is despite the economy tanking elsewhere.

So why have house prices have skyrocketed?

Check out our video to find out why.