House price growth at 17-year high

Data from Nationwide shows that the pace of house price growth hit a 17-year high in March. Annual growth in house prices hit 14.3%, with this the steepest increase since November 2004. The jump in prices has taken the price of the average UK home up £33,000 in a year to a record high of £265,312. Wales led the way, with the average price up 15.3% in a year, while London has the highest average price at £518,333 despite prices climbing at the far slower rate of 7.4%. The report notes that house prices are now more than a fifth higher than when the coronavirus pandemic hit in early 2020. Nationwide said robust demand, limited supply and a strong jobs market are pushing up prices, with the market experiencing “a surprising amount of momentum given the mounting pressure on household budgets and the steady rise in borrowing costs". Nationwide expects house price growth to slow in the year ahead, with high inflation rates and interest rate increases set to have an impact.

BBC News (31/03/2022)   Daily Mail (31/03/2022)   The i (31/03/2022)   The Times (31/03/2022)