Annual property price growth accelerates to 12.6%
Recent statistics show that annual house prices are continuing to grow at outstanding rates.
Average annual property prices rose from 11.2% in January to 12.6% in February, the strongest pace of growth since June 2021. After seven consecutive months of climbing prices, we saw a month-on-month increase of 1.7% in February, showing that the market is still very much in favour of sellers. *
Since the start of Nationwide’s monthly index in 1991, there has never been as big of an annual growth in prices, as there was in the year leading up to February 2022. The price of a typical home now averages above £260,000, demonstrating an increase of over £29,000 in just twelve months.
In comparison to February 2020, UK property prices are now 20% higher – meaning sellers can now achieve up to £44,138 more for their property than they could before the pandemic. *
With market activity remaining robust, demand for properties still high, and mortgage approvals running above pre-pandemic levels, it is safe to say this combination is creating a great market for sellers.
Have you been thinking of selling this spring? Book your valuation with us today.