House prices rise at fastest rate in 15 years – Halifax
26 March 2022
The price of property in Britain has risen at its fastest rate since 2007. The latest data from Halifax shows that property across the country has reached its biggest annual gain in almost 40 years, when the lender’s property price index began.
According to the Halifax House Price Index, house prices have increased by 10.8% in the last 12 months.
In February, the cost of property witnessed a 12.6% increase, according to the latest findings from Nationwide’s index. This was the eighth consecutive month property prices had risen in Britain. The February increase pushed the annual price growth to 10.8%, the highest rate since June 2007.
Since February 2020, the average cost of a home has increased by £38,000. In the last 12 months, sellers can expect to sell their home for an additional £27,200, on average, taking the average house price to a new record high of £278,123.
In response to the annual rise, a spokesperson for Halifax said: “This is the biggest one-year cash rise recorded in over 39 years of index history.
The sustained growth in the housing market has defied economic conditions and warnings that prices might crash as a consequence of the pandemic.
The rise is being pinned on a shortage of properties available for sale, coupled with the trend of people relocating from the cities to more rural areas, which was spawned during the pandemic.
With the value of property on the rise in the UK, now could be a great time to purchase a home. Check out the lots up for grabs in our forthcoming property auction.
Written by Andrew Binstock
26 March 2022
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