HM Land Registry’s monthly price index for February reveals average house prices have increased 0.5% since January 2022. Annually an increase of 10.9% has been tracked, valuing the average property in the UK at £276,755.
In England, February data shows that on average, house prices have risen by 0.9% since January 2022. The annual price rise of 10.7% takes the average property value to £295,888. Whereas in Wales average house prices have fallen by 0.7% since January 2022. An annual price rise of 14.2% takes the average property value to £205,114 in Wales.
Regionally, data shows that house prices in London have risen by 2.2 per cent since January 2022 and an annual price rise of 8.1% which takes the average property value to £529,882.
The East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.5 per cent, and the East Midlands saw the most significant monthly price fall with a movement of -0.4 per cent.
Detached properties have seen the largest year-to-date price increase. In England a 14.4% uplift made the average price in February 2022 £469,095 as opposed to £409,913 in 2021. In Wales a 16.9% increase takes the average price to £318,093.
Managing Director of Barrows and Forrester, James Forrester, commented:
“To say we’ve seen a fast start to the year would be somewhat of an understatement where current property market performance is concerned. Despite the wider narrative of financial turmoil that is impacting many households, we’ve seen an unrelenting level of homebuyers continue to enter the market in search of what is likely to be the most expensive purchase they will make in their lifetime.
As a result, we’re seeing homes go under offer at an extremely quick pace, within days of listing them online in many cases, as buyers tussle over what limited stock there is available.”
Andrew Lloyd, Managing Director at Search Acumen, says:
“This latest data highlights the continued remarkable rise of house prices, with February 2022 marking a 10.9% increase compared to February 2021 and a 10.2% uplift from January 2022.
Today’s figures show that despite the squeeze on household incomes due to inflationary pressures, consumer demand is still strong. The increase in property prices across the UK can be partly explained by the long lasting impact of the pandemic on the way people want to live and work continuing to be felt.
We might see a waning in demand towards the end of the quarter and into April, following the National Insurance changes and the energy price cap hit. However, the discrepancy between stock and demand may also continue to keep the market buoyant for at least the first half of 2022.”
Managing Director of HBB Solutions, Chris Hodgkinson, commented:
“An incredibly competitive market is great for those looking to sell, but for homebuyers entering the fray it can be a stressful and expensive endeavour.
Not only are they already facing a far higher cost when it comes to climbing the ladder, but pickings are slim in terms of the stock available.
This not only makes it harder to find their ideal home, but when they do, many are being beaten to the punch, outbid during the offers stage and even gazumped when they think they have finally secured a property.”