According to mortgage lender and bank, Halifax, UK house prices are rising at their fastest rate since 2007 – with the average property increasing by its biggest annual price change in the 40 years since Halifax began its records.
In the two years since the pandemic began, the UK property market has continued to provide a stable and viable investment opportunity to investors worldwide and provided economic support and buoyancy to the country’s economy throughout a period of instability at the height of covid. Along with the support and stability that the UK market has provided, house prices are continuing to rise, with Halifax reporting the fastest house price increase in the last 15 years and the highest annual growth since their records began over 40 years ago. The eighth consecutive month of property prices increasing, February’s market performance pushed the yearly price increase to 10.8% - the highest figure since June 2007.
As house prices continue to increase, and the average house price in the UK now well over the £330,000-mark, industry leaders are voicing their appreciation for the market as it continues to defy economic conditions, as property prices increased by another 0.5% in February alone – equivalent to £370 per week.
The average price of a property in the UK has risen by more than £38,000 since February 2020, and over the last 12 months an additional £27,000 has been added to that value, putting house prices at an average £65,000 higher than before the pandemic. According to a Halifax spokesperson, “this is the biggest one-year cash rise recorded in over 39 years of index history”.
Despite the increase in interest rates and inflation across the country, the UK property market remains buoyant, and the market’s performance has negated any impact by the increased base rate and squeeze on household finances.
To learn more about how you can benefit from the stability and security of the UK property market, get in touch with one of our expert property consultants today.