New data from Halifax has found that house prices rose at the fastest pace since 2007 in 2021.
The average house price rose 9.8% to £276,091 – which is a record high.
Russell Galley, Managing Director at Halifax, said: “UK house prices climbed again in December for the sixth consecutive month in a row, up 1.1%. The average price for a property now stands at £276,091, an increase of more than £24,500 compared to December 2020, marking the strongest year-on-year cash rise since March 2003.”
“The housing market defied expectations in 2021, with quarterly growth reaching 3.5% in December, a level not seen since November 2006. In 2021 we saw the average house price reach new record highs on eight occasions, despite the UK being subject to a ‘lockdown’ for much of the first six months of the year.”
Will house prices continue to boom in 2022? Danni Hewson, AJ Bell financial analyst comments: “The big question for the housing market is not how well it performed last year but how it will perform as 2022 rings in the changes. No one expects to see the kind of price growth delivered over the last twelve months but without some major market disruptions, the stage is set for further rises.”
