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UK house prices have begun 2022 with strong gains, as robust demand and a shortage of properties for sale continue to support the market.
Average house prices jumped by 0.8% in January, lender Nationwide reports this morning, which lifts the annual rate of house price inflation to 11.2%, up from 10.4% in December.
It’s the strongest start to the year since 2005, and takes the average house price on Nationwide’s survey to £255,556 mark.
It’s the sixth consecutive monthly increase in house prices, explains Robert Gardner, Nationwide’s chief economist:
“Housing demand has remained robust. Mortgage approvals for house purchase have continued to run slightly above pre-pandemic levels, despite the surge in activity in 2021 as a result of…
