(Nationwide) The average house prices in the UK rose past 260,000 pounds in February, a record, after a 1.7% increase on a monthly basis from January.
On an annual basis, the UK house prices rose by 12.6% in February, from 11.2% in January.
The house prices are now 29,000 pounds above last year, the largest annual gain in cash terms since 1991.
Following the persistent gains, UK house prices are 20% or 44,138 higher than February 2020 before the onset of the pandemic.
Nationwide’s Chief Economist Robert Gardner says robust demand, coupled with fewer homes for sale, has exerted pressure on prices.
Garner says the economic outlook remains uncertain presently and expects the housing market to cool in the next quarters as inflation continues to rise while household incomes remain squeezed.
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