The UK housing market is off to a strong start in 2022 with prices rising at the fastest rates since 2005.
House prices are 11.2% higher than this time last year, now setting you back an average £255,556. The average house price in the UK cost £216,000 this time last year.
Robert Gardner, the chief economist at Nationwide, commented: “Housing demand has remained robust.”
“Mortgage approvals for house purchase have continued to run slightly above prepandemic levels, despite the surge in activity in 2021 as a result of the stamp duty holiday, which encouraged buyers to bring forward their transactions to avoid additional tax.”
“Indeed, the total number of property transactions in 2021 was the highest since 2007 and around 25% higher than in 2019, before the pandemic struck.”
“At the same time, the stock of homes on estate agents’ books has remained extremely low, which is contributing to the continued robust pace of house price growth,” he added.
