Please wait while we get your search results
Valuation Hotline 0800 505 3355
Open Mon to Thu 8:30am-8pm, Fri 8:30am-6pm, Sat 8:30am-5pm
Find team
Find local team
Find your local team
Property search
Pexels andrea piacquadio 3791617

Average house price in February almost £30,000 more than a year ago

Largest annual cash increase recorded by the monthly index in more than 30 years of its existence

Originally posted: 7th March, 2022

Price of a typical home now around 20% up on what it was in February 2020

The typical value of a property reached £260,230 in February, reported Nationwide Building Society.

This means that in cash terms, the average house price in February was up £29,162 on a year earlier; this is the largest annual cash increase recorded by the monthly index in more than 30 years of its existence.

Nationwide said the price of a typical home was now around 20% up on what it was in February 2020, just prior to the Covid lockdowns began in the UK; which equates to a cash increase of more than £44,000.

The growth of house prices has outpaced wage increases; the price of a typical home is now at about 6.7 times average earnings, up from a ratio of 5.8 back in 2019, reported Nationwide.

Annual UK house price growth was up to 12.6% in February 2022. Prices have increased by 1.7% month on month.

Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth accelerated to 12.6% in February, up from 11.2% in January and the strongest pace since June last year.

“Prices rose by 1.7% month-on-month, after taking account of seasonal effects, the seventh consecutive monthly increase.

“The price of a typical home rose above £260,000 for the first time in February, an increase of £29,162 over the past 12 months.

“This is the largest ever annual increase in cash terms since the start of our monthly index in 1991.

“The price of a typical home is now £44,138 (20%) higher than in February 2020 – the month before the pandemic struck the UK.”

Mr Gardner said housing market activity has stayed robust in recent months, with mortgage approvals still running above pre-pandemic levels at the beginning of the year.

He said: “A combination of robust demand and limited stock of homes on the market has kept upward pressure on prices.”

Find out how much your house is worth

Find out how much your house is worth; book a free property valuation with Preston Baker Estate and Letting Agents.

Book your free property valuation now.