
Average house price hits record high of £255,000
Note: reposting the article from BBC. The Link to the original article is provided below.
The typical house is now worth £23,902 more than it was in January, making it the strongest year for price rises since 2006. But Nationwide predicted the market would slow next year because the stamp duty holiday, which ended in September, saw buyers bring purchases forward.
“The Omicron variant could reinforce the slowdown if it leads to a weaker labour market,” Nationwide’s chief economist Robert Gardner said.
How did average prices change across the UK?
- Wales: Up 15.8% to £196,759
- Northern Ireland: Up 12.1% to £167,479
- South West: Up 11.5% to £294,845
- Outer South East: Up 11.3% to £329,869
- North West: Up 11.2% to £196,806
- Yorkshire and Humberside: Up 10.8% to £190,855
- East Anglia: Up 10.4% to £268,146
- East Midlands: Up 10.4% to £221,813
- Scotland: Up 10.1% to £172,605
- West Midlands: Up 9.4% to £227,031
- Outer metropolitan area of London: Up 8.8% to £410,992
- North: Up 7.7% to £148,105
- London: Up 4.2% to £507,230
Also, Mr Gardner said it was the first time since 1973, when Nationwide began publishing house price data, that the most significant price rises had been seen in Wales.
More information
Link to the full article can be found below:
https://www.bbc.co.uk/news/business-59826341