Halifax reveals pandemic’s legacy on the property market

At a national level, average UK house prices grew by 20.4% between January 2020 and December 2022, up by £48,620, from £237,895 to £286,515, Halifax said.

For comparison, in the three years prior, average house prices grew by just 7.8%, or £17,158.

Wales saw the strongest house price growth of any UK nation or region over the past three years, rising by 29.3% from £168,101 to £217,328.

In cash terms, the South East of England saw the biggest jump, up by £69,224 or 21.3% from £325,448 to £394,672.

The surging demand for larger homes meant that by the start of 2021, annual growth for detached homes had jumped to 9.2%.

Fuelled further by cuts to Stamp Duty, across the UK, the average price of a detached home rose by 25.9% or £93,345 between the start of 2020 and the end of 2022, according to Halifax.

This compares to just 8.8% or £28,757 in the three years prior.

Looking at the pace of growth, Wales saw the strongest house price inflation for detached houses over the last three years, up by around a third. 

In cash terms, five UK regions – Eastern England, Greater London, South East, South West and West Midlands – saw the average price of a detached property rise by more than £100,000, according to the research.

In contrast, the average price of a flat increased by 13.3% between the start of 2020 and the end of 2022.

However the capital saw the average price of its flats grow by just 3.8%. Even with an expensive starting point, that translates to just a £9,996 increase – the weakest price rise of any property type across all regions and nations over the last three years.

In contrast, the North West of England saw prices for flats jump by £24,293 or 23.5%

The original article can be found here