UK House-Price Growth Hits 15-Year Record-High, £278,123

Source: Halifax

UK house prices grew at the fastest annual rate since before the global financial crisis in 2007. FTSE 100 down -1.75%, GBP USD down -0.54%

• The mortgage lender Halifax stated that the average value of homes rose by 10.8% YoY for an 8^th consecutive month to a record £278,123 in February.
• Halifax cautioned that growth might slow in the upcoming months, with taxes and energy bills to increase in April.
• The year-on-year prices jumped by 10.8%, the fastest rate of annual growth since June 2007, pushing the average house prices to a new record of £278,123.
• Russell Galley, Managing Director, Halifax stated geopolitical events expose the UK to new sources of risks.
• Galley further stated these factors are likely to affect buyer demand as the year progresses, with the market likely to bounce back to normal levels and an easing of house price growth is still on the horizon.
• House prices enjoyed a buoyant run during the pandemic, driven by record-low borrowing costs, tax cuts on purchases, and demand for additional spaces.