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Price Growth

Sell My House Quickly in Ealing

Sell My House Quickly found another interesting article about properties in Ealing. Annual house price growth ‘not far off average UK earnings.’

Price Growth

The average UK house price hit a new record high of £282,753 in March after increasing by nearly the equivalent of average earnings over the past year.

House prices have risen by 18.2%, or £43,577 on average, since the first UK lockdowns around two years ago. It’s according to an index from Halifax.

Property values increased by 1.4% month on month, or £3,860 on average in cash terms, and were 11.0% higher than a year earlier.

Russell Galley, managing director of Halifax, said:

“The new record price of £282,753 is up some £28,113 on a year ago, not far off average UK earnings over the same period (£28,860).

“The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households’ finances.

“There is some recent evidence of more homes coming on to the market. However, the fundamental issue remains that too many buyers are chasing too few properties.”

He said that in the long term “we know the performance of the housing market remains inextricably linked to the health of the wider economy”.

He added: “There is no doubt that households face a significant squeeze on real earnings. The difficulty for policymakers in needing to support the economy yet contain inflation is now even more acute because of the impact of the war in Ukraine.

“Buyers are therefore dealing with the prospect of higher interest rates and a higher cost of living.

With affordability metrics already extremely stretched, these factors should lead to a slowdown in house price inflation over the next year.”

The report said the impact of the pandemic on buyer demand can be seen when looking at different property types – with homes offering more space commanding bigger premiums.

Average prices for flats have increased by 10.6% or £15,404 over the past two years.

The average price of a detached property meanwhile has leapt by 21.3% or £77,717 over the same period.

We found this article about Annual house price growth ‘not far off average UK earnings’ on Ealing Times. Kindly click the link to read the full story.

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