House prices have reached a new record high, according to Halifax.
Prices jumped at the fastest annual pace since 2007 last month, increasing to more than 10% nationally.
The increase took the average house price across the UK to a new record high of £278,123, with property values increased by 0.5% month-on-month.
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While in the North West, prices increased by a whopping 11.1% to £212,920.
Russell Galley, managing director, Halifax, said: "The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5% in February, or £1,478 in cash terms.
"This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing.
"Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123.
"Two years on from the start of the pandemic, average property values have now risen by £38,709 (16%) since February 2020. Over the last 12 months alone house prices have gained on average £27,215.
"This is the biggest one-year cash rise recorded in over 39 years of index history."
Here are average house prices across the UK in February according to Halifax, and the annual increase:
- East Midlands, £228,289, 11.6%
- Eastern England, £325,687, 11.4%
- London, £530,469, 5.4%
- North East England, £160,874, 9.9%
- North West England, £212,920, 11.1%
- Northern Ireland, £173,911, 13.1%
- Scotland, £193,777, 9.2%
- South East England, £378,441, 10.5%
- South West England, £293,968, 13.4%
- Wales, £207,184, 13.8%
- West Midlands, £234,481, 9.7%
- Yorkshire and the Humber, £192,010, 9.8%
Mr Galley added that a lack of supply continues to underpin rising house prices.
This may be a particular issue at the larger end of the property market, he added, with detached homes rising in price by £43,251 or 11% over the past year, compared with £10,462 or 7% price growth for flats.
He said: "Looking ahead, as Covid moves into an endemic phase and almost all domestic restrictions are removed, geopolitical events expose the UK to new sources of uncertainty.
"The war in Ukraine is a human tragedy, but is also likely to have effects on confidence, trade and global supply chains.
"Surging oil and gas prices are one immediate consequence, meaning that inflation in the UK - already at a 30-year peak - will remain higher for longer.
"This will add to the squeeze on already stretched household incomes. While increases in bank rate (the Bank of England base rate) look likely in the near term, the extent of the rises will depend on how it affects prices and companies' approaches to pay over the months to come.
"These factors are likely to weigh on buyer demand as the year progresses, with market activity likely to return to more normal levels and an easing of house price growth to be expected."
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