House prices have soared across the UK with Wales remaining the strongest performing area, with annual house price growth of 13.8per cent, taking the average property price there to £207,184. The figures across the whole of the UK show a 10.8 per cent annual rate of house price growth, the strongest since June 2007.
The increase took the average house price across the UK to a new record high of £278,123. Property values increased by 0.5 per cent month-on-month.
The South West of England also recorded a strong annual house price gain of 13.4per cent. Northern Ireland also recorded strong price growth, with prices up 13.1per cent on a year earlier, taking the average property value in February to £173,911.
Scotland meanwhile had the “weakest” rate of house price growth outside London, Halifax said, despite an annual increase of 9.2per cent – reflecting the strength of house prices right across the UK. The average property price there was £193,777 in February. London remained the weakest performing area of the UK, with annual house price growth of 5.4per cent.
Here are average house prices across the UK in February according to Halifax, and the annual increase:
- East Midlands, £228,289, 11.6per cent
- Eastern England, £325,687, 11.4per cent
- London, £530,469, 5.4per cent
- North East England, £160,874, 9.9per cent
- North West England, £212,920, 11.1per cent
- Northern Ireland, £173,911, 13.1per cent
- Scotland, £193,777, 9.2per cent
- South East England, £378,441, 10.5per cent
- South West England, £293,968, 13.4per cent
- Wales, £207,184, 13.8per cent
- West Midlands, £234,481, 9.7per cent
- Yorkshire and the Humber, £192,010, 9.8per cent
Jeremy Leaf, a north London estate agent and a former residential chairman at the Royal Institution of Chartered Surveyors (Rics) said: “Prices may be continuing to rise to record levels but looking behind the numbers we are finding in our offices that this is more as a direct result of lack of choice, which is also compromising the number of transactions.
“Prices are unlikely to continue their mighty gains as affordability is becoming increasingly stretched, with events in Ukraine likely to send inflation and especially energy costs even higher.”
Nicky Stevenson, managing director at estate agent Fine & Country said: “Persistent high price growth is likely to remain the norm unless we see a profound increase in new listings later in the year.”
