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Average House Price

Sell My House Quickly in Ealing

Sell My House Quickly found another interesting article about properties in Ealing. Average house price in February nearly £30,000 higher than a year ago.

Average House Price

The average UK house price has topped £260,000 for first time, after surging by nearly £30,000 over the past 12 months.

The typical property value reached £260,230 in February, Nationwide Building Society said.

In cash terms, the average house price in February was £29,162 higher than a year earlier, the biggest annual cash increase the monthly index has recorded in more than 30 years of its existence.

Nationwide added that the price of a typical home is now about a fifth (20%) higher than it was back in February 2020, just before the coronavirus lockdowns started in the UK. This equates to a cash increase of more than £44,000.

As house price growth has outpaced wage increases and housing affordability has become stretched, the price of a typical home now sits at about 6.7 times average earnings, up from a ratio of 5.8 in 2019, according to Nationwide.

Annual UK house price growth accelerated to 12.6% in February 2022. Prices were up by 1.7% month on month.

Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth accelerated to 12.6% in February, up from 11.2% in January and the strongest pace since June last year.

“Prices rose by 1.7% month-on-month, after taking account of seasonal effects, the seventh consecutive monthly increase.

“The price of a typical home rose above £260,000 for the first time in February, an increase of £29,162 over the past 12 months.

“This is the largest ever annual increase in cash terms since the start of our monthly index in 1991.

“The price of a typical home is now £44,138 (20%) higher than in February 2020 – the month before the pandemic struck the UK.”

We found this article about Average house price in February nearly £30,000 higher than a year ago. Kindly click the link to read the full story on Ealing Times.

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