Average UK House Price Gained Over £24,500 In 2021, Says Halifax
According to mortgage lender Halifax, house prices in the UK increased by more than $24,500 on average in 2021. The rise marks the largest annual cash rise since 2003.
According to Halifax’s monthly index, property prices reached new record highs on eight occasions last year, hitting their greatest record-high so far in December 2021 at £276,091. Annually, the average UK house price grew by 9.8% and by 1.1% month-on-month in December. However, Halifax’s report added that house price growth is expected to slow considerably in 2022.
“UK house prices climbed again in December for the sixth month in a row, rising by 1.1%,” said Russell Galley, managing director at Halifax.
“The average price for a property now stands at £276,091, an increase of more than £24,500 compared to December 2020, marking the strongest year-on-year cash rise since March 2003 […] The housing market defied expectations in 2021, with quarterly growth reaching 3.5% in December, a level not seen since November 2006.”
According to Halifax, the average house price in December 2021 in the East Midlands stood at £225,106, while Eastern England hit £319,447. In London, the average house price for December was £525,351, £159,694 in the North East of the country, and £211,954 in the North West of the country. Scotland saw an average of £192,988 for December, while Wales saw an average of £205,579.