United Kingdom

Regions drive 5.7% surge in house prices as Britain's pandemic property boom continues 

House prices in Wales and the North West have led Britain’s pandemic property boom as homebuyers shunned cities in favour of more space.

Both regions saw their strongest growth in more than a decade between March 2020 and 2021, according to the Halifax House Price Index.

The typical British house now costs £252,765 – a new record – after prices climbed 5.7 per cent between the first three months of 2020 and the same time this year.

In Wales, house prices grew 10.6 per cent between the first quarter of 2020 and the same time this year – the biggest rise since 2005 – taking the cost of the average property to £185,920.

And in the North West, which recorded its best growth in 14 years, prices climbed 8.4 per cent to an average of £194,374.

Paul Smith of data firm IHS Markit, which produces the index, said: ‘Market activity continues to be supported in the main by shifting preferences among buyers for greater space, especially among those in secure employment, amid expectations that working from home will continue in at least a hybrid form.

The typical British house now costs £252,765 – a new record – after prices climbed 5.7 per cent between the first three months of 2020 and the same time this year

'With the stamp duty holiday extended, mortgage availability support for first-time buyers increased and growing expectations that economic performance will improve markedly, price pressures are set to remain elevated into the autumn at the very least.’

Greater London is still the costliest region, with a typical home more than £505,000, but an average price rise of only 2.1 per cent.

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