UK House Prices Jump by Annual 10.9% in February

Source: Office for National Statistics

The average house price rose by 10.9% over the year to February 2022, an increase from 10.2% in January 2022. FTSE 100 up +0.0065%, GBPUSD down -0.01%

• Prices increased by 0.8% in the month, after a 1.1 monthly increase in January despite the possibility of rate hikes to ease inflation, driving up borrowing costs.
• The annual house price inflation in the UK reached a record 13.5% in June 2021 and 11.5% in September, attributable to expiring deadlines for a short-term reduction in purchase taxes.
•  The average UK house price stood at £277,000 in February, an increase of £27,000 than the same period last year.
• Wales led with the highest price increases by 14.2% to £205,000, followed by Scotland by 11.7% to £181,000, England by 10.7%, and Northern Ireland by 7.9%.
• London continues to be the region with the lowest yearly growth at 8.1%.