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Insights

17 year high in house price growth

Posted on 05th April 2022 in Residential Property

Posted by

Nick Conner

Partner and Solicitor
17 year high in house price growth

It has been reported by Nationwide that in March 2022, house prices grew at the fastest annual pace for more than 17 years, notwithstanding the pressures on living standards with spiralling living costs. Prior to this, February of this year saw the strongest pace since 2004 as annual house prices hit 14.3% growth and prices are now more than a fifth higher than they were when the Covid pandemic hit.

Nationwide, being one of the UK’s biggest mortgage adlenders, have said the market has had "a surprising amount of momentum given the mounting pressure on household budgets and the steady rise in borrowing costs".

There are a number of reasons for the continued increase in prices, not least the limited availability in terms of housing stock. When combined with the strength of the UK labour market and consistent demand for housing, such factors could be contributing to a strong housing market.

Despite all this, Nationwide have said they expect house price growth will slow down as the year continues due to high inflation rates and interest rate rises.

A senior UK economist has said the housing market was going from "strength to strength" but that March "probably marks the peak for house price growth".

Certainly in the South West, we continue to see many enquiries from people looking for a lifestyle change and wishing to relocate to this beautiful part of the country. Logically such lifestyle demand is only going to continue as working patterns change.

 

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Each of our offices is staffed to be able to offer you personal assistance with your property needs. The service we offer is both comprehensive, fast and flexible. Contact our skilled Residential Property Team for more information.

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17 year high in house price growth

Posted on 05th April 2022 in Residential Property

It has been reported by Nationwide that in March 2022, house prices grew at the fastest annual pace for more than 17 years, notwithstanding the pressures on living standards with spiralling living costs.

Posted by

Nick Conner

Partner and Solicitor
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Nick Conner

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