Average house price is higher than £260,000 for the first time

[Mark Rocks]

Need any more evidence that we're in a boom phase?

For the first time in UK history, the average house price has exceeded £260,000 - thanks mainly in part to the shortage of houses for sale.

Robert Gardner, Nationwide’s chief economist, said housing market activity had remained robust in recent months, with mortgage approvals continuing to run above pre-pandemic levels at the start of the year.

He said: “A combination of robust demand and limited stock of homes on the market has kept upward pressure on prices.

“The continued buoyancy of the housing market is a little surprising, given the mounting pressure on household budgets from rising inflation, which reached a 30-year high of 5.5% in January, and since borrowing costs have started to move up from all-time lows in recent months.

“The strength is particularly noteworthy since the squeeze on household incomes has led to a significant weakening of consumer confidence.”

Read the rest of the article here, and let us know how this sharp increase in house prices is impacting you as an investor: https://www.theguardian.com/money/2022/mar/02/average-uk-house-price-exceeds-260000-pounds-first-time-nationwide