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UK house prices: the average hits a milestone of £350,000

The UK property market has reached an historic milestone as the median price of a home surpasses £350,000 for the first time.

According to data published by the property’s website right movement, the typical asking price for a home in the UK was £354,564 in March – up 1.7% (£5,760) since February. The average monthly increase is the largest this time of year since March 2004, pushing the annual rate of increase down to 10.4%. All regions and countries except London and Scotland are now growing at more than 10% annually.

The spike in the asking price is “partly due to a huge mismatch between supply and demand” with “more than twice as many buyers as sellers.” The guard reported. For sellers, the chance of finding a buyer in the first week is “higher than ever at this time of year and twice as likely compared to the same period in 2019.”

This is the “strongest spring seller market we’ve seen,” Rightmove said. All sectors are experiencing “very buoyant conditions” and the strong market is expected to continue until “economic forces converge to bring the supply and demand balance closer to equilibrium”.

The boom could die down in the coming months as economic pressures begin to City AM reported. “There are headwinds that will likely eliminate the current market upleg in the second half of the year,” said Tim Bannister, director of property data at Rightmove. “We’ve just seen interest rates picking up again and more incremental hikes are forecast for the year, which will raise mortgage rates for some.”

Rightmove House Price Index March 2022 Regional Trends

Graphic: rightmove.co.uk

The UK average rose by £27,000 in one year

According to the official data of the published HM Land Registry and the Office for National Statistics, the average house price across the UK in December 2021 was £275,000 – £27,000 higher than this time last year. Average house prices have increased over the year England to £293,339 (10.7%), in Wales to £204,835 (13.0%), in Scotland to £180,000 (11.2%) and in Northern Ireland to £159,000 (10.7%).

Although typical home values ​​were £27,000 higher last year, the data suggests the same Crunch cost of living “cooling down the red-hot” real estate market, ThisIsMoney reported.

“Rising interest rates and the rising cost of living are making the real estate landscape challenging and could only get more challenging as the year progresses,” said Shawbrook Bank’s Emma Cox. “Securing a competitive fixed rate mortgage is essential for all prospective buyers.”

Average price by property type for England

type of property December 2021 December 2020 Difference %
Detached £457,544 £405,200 15.4%
semi-detached house £277,459 £249,953 11%
laid out in terraces £237,923 £217,514 9.4%
Apartment/Maisonette £244,734 £231,756 5.6%
in total £293,339 £264,971 10.7%

Average price by property type for Wales

type of property December 2021 December 2020 Difference %
Detached £317,403 £274,956 15.4%
semi-detached house £197,369 £174,806 12.9%
laid out in terraces £158,776 £141,909 11.9%
Apartment/Maisonette £131,091 £120,797 8.5%
in total £204,835 £181,724 13%

Source: Gov.UK

https://www.theweek.co.uk/london-house-prices/uk-house-prices UK house prices: the average hits a milestone of £350,000

Fry Electronics Team

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