Average UK house price ‘soars by 10.8% annually to hit record high of £278,123’

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123. “These factors are likely to weigh on buyer demand as the year progresses, with market activity likely to return to more normal levels and an easing of house price growth to be expected.” Halifax said looking across the UK, Wales remained the strongest performing area, with annual house price growth of 13.8%, taking the average property price there to £207,184. Scotland meanwhile had the “weakest” rate of house price growth outside London, Halifax said, despite an annual increase of 9.2% – reflecting the strength of house prices right across the UK. “Prices are unlikely to continue their mighty gains as affordability is becoming increasingly stretched, with events in Ukraine likely to send inflation and especially energy costs even higher.” Nicky Stevenson, managing director at estate agent Fine & Country said: “Persistent high price growth is likely to remain the norm unless we see a profound increase in new listings later in the year.” Here are average house prices across the UK in February according to Halifax, and the annual increase: – East Midlands, £228,289, 11.6% – Eastern England, £325,687, 11.4% – London, £530,469, 5.4% – North East England, £160,874, 9.9% – North West England, £212,920, 11.1% – Northern Ireland, £173,911, 13.1% – Scotland, £193,777, 9.2% – South East England, £378,441, 10.5% – South West England, £293,968, 13.4% – Wales, £207,184, 13.8% – West Midlands, £234,481, 9.7% – Yorkshire and the Humber, £192,010, 9.8%