UK house prices reach new record high as property market booms
UK house prices reached a new record high last month as government measures such as the stamp duty holiday continued to buoy the property market.
Average house prices jumped 1.1 per cent compared to the previous month, hitting a record £254,606.
In comparison to March last year – when the pandemic hit the UK – house prices soared 6.5 per cent, according to research by Halifax.
Russell Galley, managing director at Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over one per cent compared to February.
“This rise – the first since November last year – means the average property is now worth £254,606, a new record high.
“A year on from the early days of the first national lockdown, March’s data shows that house prices rose by 6.5 per cent annually, or £15,430 in cash terms.
“Casting our minds back 12 months, few could have predicted quite how well the housing market would ride out the impact of the pandemic so far, let alone post growth of more than £1,000 per month on average.”