Residential property prices rose again in February despite higher mortgage rates and a sharp jump in inflation to increase the most in cash terms since 1991.
This is the seventh consecutive month of property price growth, fuelled primarily by a shortage of homes for sale.
Prices of the average home increased by an annual rate of 12.6% in February, up from a record January rise of 11.2%, to hit £260,230, said Nationwide.
The price of a typical home is now £29,162 more than a year ago – the largest year-on-year hike ever recorded by the lender.
Robert Gardner, Nationwide’s chief economist, said housing market activity had remained robust over the past few months, with mortgage approvals continuing to run above pre-pandemic levels at the start of the year.
Read the full article on Property Industry Eye | MARCH 3, 2022 | MARC DA SILVA
Estate Agents
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