Thursday, 20 January 2022

UK house prices hit another record high

UK house prices hit another record high

THE UK’s average house price has topped £270,000 according to the Halifax.

The bank’s latest figures show that annual house price inflation now stands at 8.1 per cent.

Halifax managing director Russell Galley said: “UK house prices climbed again in October as the value of the average property grew by 0.9 per cent, an increase of more than £2,500 during the month.

“With prices rising for a fourth straight month, the annual rate of inflation now sits at 8.1 per cent — its highest level since June.

“One of the key drivers of activity in the housing market over the past 18 months has been the race for space, with buyers seeking larger properties, often further from urban centres.

“Combined with temporary measures such as the cut to stamp duty, this has helped push the average property price up to an all-time high of £270,027.

“Since April 2020, the first full month of lockdown, the value of the average property has soared by £31,516 or 13.2 per cent.

“First-time buyers, supported by parental deposits, improved mortgage access and low borrowing costs, have also helped to drive price growth in recent months.

“First-time buyer annual house price inflation of 9.2 per cent is now at a five-month high and has pushed ahead of the equivalent measure for home movers of 8.1 per cent.

“More generally the performance of the economy continues to provide a benign backdrop to housing market activity.

“The labour market has outperformed expectations through to the end of furlough, with the number of vacancies high and rising relative to the numbers of unemployed.”

“With the Bank of England expected to react to building inflation risks by raising rates as soon as next month, and further such rises predicted over the next 12 months, we do expect house-buying demand to cool in the months ahead as borrowing costs increase.”

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