House prices rising at fastest pace since 2007

House prices rising at fastest pace since 2007

House prices have risen at the fastest rate in 14 years, propelled by an extreme shortage of homes for sale, as buyers scramble to secure the few homes on the market. Property values jumped 10.8pc in the year to the end of February, the steepest growth since before the financial crisis in 2007, according to Halifax, the lender. In cash terms, the average home has gained an additional £1,500 last month , reaching a record high of £278,123. Russell Galley, of Halifax, said he expected growth to wane over the coming year, as households tighten their belts in the face of rising inflation. The consequences of the war in Ukraine will add to the squeeze on already stretched household incomes, he said. "Surging oil and gas prices are one immediate consequence, meaning that inflation – already at a 30-year peak – will remain higher for longer. These factors are likely to weigh on buyer demand as the year progresses, with market activity to return to more normal levels and an easing of house price growth to be expected," he added. Seven British regions have had double-digit annual growth, with Wales continuing to outpace all other regions. Welsh property prices rose