Average house price hits record high of £255k

Average house prices in the UK hit a record £254,822 in December, according to Nationwide. Prices rose by 10.4% in 2021, with this up on the 10% annual growth recorded in November and the fastest growth rate in 15 years. Wales was the UK region with the fastest house price growth, with values up 15.8% in the calendar year, while London was the slowest-growing region, with prices rising by 4.2%. Values in Northern Ireland rose 12.1% and annual house price growth in Scotland was 10.1%. Reflecting on the report, Robert Gardner, Nationwide’s chief economist, said high demand and low stock of homes on the market had contributed to the soaring prices. However, he suggested it “appears likely that the housing market will slow next year, since the stamp duty holiday encouraged many to bring forward their house purchase in order to avoid additional tax.” He added that the Omicron coronavirus variant “could reinforce the slowdown if it leads to a weaker labour market.” 

BBC News (30/12/2021)   City AM (30/12/2021)   The Guardian (30/12/2021)   The Times (30/12/2021)