The average price of a property in the UK has increased to £212,430.
This whopping figure, taken from data supplied by Halifax, the nation’s largest mortgage supplier, is representative of property prices across the UK.
According to Halifax, house price growth in the UK increased to 9.7% in the year to January, up from 9.5% a month earlier.
Martin Ellis, Halifax’s housing economist puts the hike in prices down to ‘the imbalance between supply and demand’ and expects to see the trend continue over the coming months to ‘exert significant upward pressure on house prices.’
Mr Ellis voices concerns that the increasing prices will raise further affordability issues, and warns that as price increases continue to exceed wage growth, housing demand will eventually curb.
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