Here is the evidence put simply, also published in The I Newspaper on Friday 31st December 2021.
Record Annual Rise in House Prices
The average UK house price rose by nearly £24,000 during 2021, the biggest increase ever recorded in a single year in cash terms, according to the Nationwide Building Society. The typical price of a home reached a record high of £254,822 in December, marking a £29,902 increase over the past year.
Robert Gardner, Chief Economist at Nationwide said: “Prices are now 16% higher than before the pandemic struck in early 2020.” Nationwide said house prices were 10.4% higher annually in December 2021.
When you consider annual growth in total pay was at best 4.3%, nobody could seriously argue that the housing markets are not overheating price-wise.
At some point, this dilemma must be addressed and new policies introduced by government to correct it. The brightly burning question is when?
We wish a Happy New Year to everyone, especially those interested in improving the housing markets across the UK.
Thoughts and views are welcomed as to how this could best be achieved.