House price growth back to pre-pandemic levels

House price growth back to pre-pandemic levels

House prices growth slowed in May, to levels not seen since December 2019 according to the latest Zoopla data.

House price growth back to pre-pandemic levelsThis slowdown comes after two years of unprecedented growth in property prices. Much of this growth has been driven by a ‘race for space’ post pandemic, and attractive short-term stamp duty reductions.

But Zoopla points out that despite this lower rate of growth it is still a sellers’ market, with overall demand for housing across the UK significantly higher than the five-year average.

In total Zoopla figures show that annual property prices were up 8.4%, compared to 9.2% growth in April. On a quarterly basis prices are up by just 1.4%, the slowest growth since March 2021. Read more from Mortgage Strategy article >

 
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UK house prices in March rise 9.8% on annual basis

UK house prices in March rise 9.8% on annual basis

House prices in the UK have increased 9.8% in March on an annual basis, with the average property in the UK being valued at £278,000, according to the latest UK house price index data from the Office for National Statistics.

The data found that house prices in the UK have decreased from 11.3% in February this year.

House prices cooled in March relative to February and we can expect more of this throughout the year given the frightening level of inflation. The Stamp Duty holiday, record low interest rates and the race for space triggered an unprecedented surge in demand and activity during the pandemic, but those days now seem to be over.

Average house prices increased over the year in England to £298,000 (9.9%), in Wales to £206,000 (11.7%), in Scotland to £181,000 (8.0%) and in Northern Ireland to £165,000 (10.4%).

London continues to see the lowest annual growth, as average prices increased by 4.8% over the year to March 2022, down from 7.8% in February 2022.

Despite being the region with the lowest annual growth, London’s average house prices remain the most expensive of any region in the UK, with an average price of £524,000 in March 2022.

The North East continued to have the lowest average house price at £155,000. Read more from Mortgage Stragegy >

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National house prices have increased at fastest rate in decade

National house prices have increased at fastest rate in decade

Demand for homes with bigger gardens, multi million-pound country houses and properties by the sea have driven house prices in prime markets outside London up by 8.5% year-on-year.

House prices outside London have increased at fastest rate in decadeThe increase is the strongest growth since 2010, according to the research from estate agent Savills.

“Whichever way you look at it, the past year has been about buyers with the means to do so looking for more space both inside and out.”

Lucian Cook, Savills head of residential research

Homes in some parts of Britain may still have a way to go to reach their price “ceiling”. Read more on this article from ITV News >

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