House prices set to rise further based on transactions currently underway.

UK house prices are rising at their fastest rate since 2007,  with the typical property notching up its biggest annual cash gain in the nearly 40 years since the lender’s index began.

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.

It was the eighth month in a row that property values had risen, pushing up the annual rate of price growth to 10.8%, the highest figure since June 2007.

The price of a typical home has risen by more than £38,000 since February 2020, and during the last 12 months
alone £27,200 has been added to the value.

This is the biggest one-year cash rise recorded in over 39 years of index history. This meant the average house price had hit “another new record high” of £278,123.

The squeeze on household finances, fuelled by rising interest rates and inflation, does not as yet appear to have done much to dent the market’s buoyancy.

A shortage of homes for sale is continuing to drive prices up, while the pandemic has prompted many people into moving home.

If you are thinking about selling your property and would like a free, up to date market appraisal please call 01788 577218 or email info@guild-house.com.