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 such a big 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.