UK house prices grew at their fastest annual rate since 2004 in March as the busy property market defies the wider cost-of-living issues affecting the country.
Nationwide reported that prices rose 14.3% from the year before, taking the average value to a record £265,312 Nationwide reported on Thursday. Prices surged 1.1% in March alone, beating analysts’ expectations.
Property prices boomed across all regions in the UK, with average prices jumping by to almost £33,000.
The building society said that the cost of a home has risen for eight consecutive months, and now stands 21% higher than before the coronavirus pandemic.
Despite growing financial pressures on households and squeezing of budgets, the housing demand shows no signs of slowing. The market continues to build momentum with the spring season as record levels once again.
There is simply too much demand and too little stock at present, so house prices are likely to remain high for some time yet. Competition continues to be rife, so if you are looking to move this summer then make sure you make that call to Whitegates and go with an agent you can trust to get over the line in time.
Call our expert agents now on Nantwich 01270 230044 to discuss all your property options.
