British House Prices Surge 14.3% in February, the Strongest Annual Pace in 17 Years

Source: Nationwide

House prices have jumped 14.3% over the past year, with property inflation reaching its highest level since 2004. FTSE100 down -0.065%, GBPUSD down -0.07%

• The average home prices have risen by £33,000 in the last 12 months to a record of £265,312. House prices rose by 1.1% or £5,000 in March.
• Robert Gardner, chief economist at Nationwide, stated that March was a further acceleration in yearly house price growth to 14.3%, the strongest rate of increase since November 2004.
• Gardner further stated that the housing market has surprisingly sustained momentum despite increased pressure on household budgets and continued increases in borrowing costs.
• Wales remained the strongest performing region in the first quarter of 2022, with prices surging by 15.3%.
• London has remained weakest, with prices increasing by 7.4%, which signals an acceleration from 4.2% growth in the last quarter of 2021.