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.
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.
At Sell My House Quickly Ealing, we pay fair prices for any property fast and quick so please feel free to Contact us here for more details.