In the UK, house prices have been growing at their fastest pace since 2004, rising for the eighth month in a row.
Last month, annual house prices rose to 14.3% from 12.6% in February, according to Nationwide.
Wales remained the strongest performer in the first three months of this year, while London remained the weakest.
At the same time, detached properties have risen by almost ,000 68,000 since the start of the epidemic, while average home prices have risen by ,000 24,000.
The average home price in the UK is now 5 265,312, up about 21% from the 2020 epidemic.
“The housing market has picked up a surprising momentum, given the growing pressure on household budgets and the steady rise in borrowing costs,” said Robert Gardner, chief economist at Nationwide.
“The number of mortgages approved for housing purchase in February remained high at about 71,000, which is almost 10% higher than the pre-epidemic level,” he added. “The combination of limited supply of homes in a healthy demand market has kept prices down.”
The continued growth in demand for housing may be partly due to strong labor market conditions, Mr Gardner said, with low unemployment and relatively high wages.
“However, we still think that the housing market is likely to slow down in the coming quarters,” he said.
The UK is in a cost-of-living crisis as people across the country face rising household costs exacerbated by the war. Ukraine.
The Bank of England is now thinking about the invasion inflation to make 8% in April, and to rise higher in autumn.
A document released by the OBR (Budget Accountability Office) states that rising inflation will lead to “the largest decline in living standards in any fiscal year since 1956-57. «.
Mr Gardner added that if the labor market remained strong, the Bank of England was likely to raise interest rates, which could lead to mortgages and hurt demand for homes.
Home prices are growing at the fastest rate since 2004 Business news:
Source Home prices are growing at the fastest rate since 2004 Business news: