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United Kingdom Housing February 2022

United Kingdom: House prices grows at fastest pace in six months in February

According to the Nationwide Building Society, house prices expanded 1.7% in month-on-month seasonally-adjusted terms in February, which followed January’s 0.8% increase.

On an annual basis, house prices increased 12.6% in February, notably above January’s 11.2% expansion. House prices in February likely continued to be buoyed by tight home supply, a strong labor market and changes in housing preferences due to the pandemic.

On the outlook, Robert Gardner, chief economist at Nationwide, stated:

“It is likely that the housing market will slow in the quarters ahead. The squeeze on household incomes is set to intensify, with inflation expected to rise above 7% in the coming months. […] Housing affordability has already become more stretched, […] The price of a typical home is now equivalent to 6.7 times average earnings, up from 5.8 in 2019.”

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