UK house prices rise at the fastest rate in 15 years

UK house prices rise at the fastest rate in 15 years with the average price hitting £278,123 despite economic conditions.

According to Halifax, the UK house prices are rising at their fastest rate since 2007. The typical property notching up its biggest annual cash gain in nearly 40 years, has raised the eyebrows of analysts and economists.

Two years on from the start of the coronavirus pandemic, commentators say the housing market is continuing to defy economic conditions, with average property prices rising by another 0.5% in February, equating to £370 a week.

This is the eighth consecutive month in a row when property prices have risen. With this continuous growth, the annual rate of price growth has jumped to 10.8%, the highest since June 2007.

In terms of numbers, the price of a typical house has increased by more than £38,000 since February 2020. Moreover, during the last 12 months, over £27,200 has been added to the value. As quoted by the officials of Halifax, this is the biggest one-year cash rise recorded in 39 years of Index history.

Despite the squeeze on household finances along with rising interest rates and inflation, the market’s buoyancy is not shaken! However, experts believe that the events in Ukraine are expected to put brakes on the market.