House Prices Continue to Soar

The average selling price for a UK home has cleared £260k for the first time according to Nationwide building society.

Historically low levels of housing stock on the market has created fierce competition amongst buyers. The prospect of rising interest rates later in the year has only intensified the urgency amongst those looking for a new property. 

House prices rose by an average of 1.7% in February alone dragging the rolling twelve month price increase to a whopping 12.6%. 

Given the rising cost of living this has perhaps been a surprise, although it should be noted that competition amongst mortgage lenders has produced some very attractive fixed rate deals in recent months.

How long they remain available will depend on how determined the BoE is to raise the base rate over the next few months.

Likewise, will the forthcoming squeeze on household budgets take it’s toll on buyer appetite?

Only time will tell! But for now it is definitely a seller’s market.