Average house price hits £300,000 as demand remains unaffected
With the cost of housing at an all-time high, Halifax reports that the average price of a home has risen to just below £300,000 following a 1.3% rise in November. Following the pandemic, and cost of living crisis, among other factors, you may expect prices to remain where they were around five years ago, the Guardian writes. But they have climbed by 25%.
Halifax’s figure is based on methodology that attempts to reflect a typical house but regional variations still remain.
Scotland and Northern Ireland are seeing an average of just over £200,000 while the average property in London is £545,439. But the trend has been going up at a rate faster than incomes across the board.
House prices were often driven by cheap credit. Following the financial crisis, the Bank of England base rate was cut and mortgage rates followed shortly after. In the first years of the last decade, the market had been sluggish for most of the UK expect for London. But eventually, everywhere saw a rise in the average house price.
Low mortgage rates led in part to lower monthly payments but also larger loans which helped drive prices up.
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