House prices in 2021 see largest rise on record.
Data from the Nationwide House Price Index report from December shows that the average house price has increase by 1% month on month.
The national average house price has now risen to a record high of £254,822 during December. The average house price has increased by £23,822 in 2021 which is the largest rise in a single year in cash terms.
The chief economist at Nationwide Robert Gardner has said: “Annual house price growth remained in double digits in December at 10.4%, making 2021 the strongest calendar year performance since 2006. Prices rose by 1% month-on-month, after taking account of seasonal effects.”
He added: “Prices are now 16% higher than before the pandemic struck in early 2020.
Robert also added that “Demand has remained strong in recent months, despite the end of the Stamp Duty holiday at the end of September. Mortgage approvals for house purchase have continued to run above pre-pandemic levels, despite the surge in activity seen earlier in the year. Indeed, in the first 11 months of 2021 the total number of property transactions was almost 30% higher than over the same period of 2019.
“At the same time, the stock of homes on the market has remained extremely low throughout the year, which has contributed to the robust pace of price growth.”
