House prices soar

House prices have increased at their fastest rate in over 10 years, according to a recent report by the BBC.  In 2012 the average UK house price was a little under £165,000, almost a decade later that’s risen to £256,405 thanks to a sharp spike in prices since 2020 and the considerable amount of post-lockdown interest. The highest price rises are seen outside of the Capital as people look for a home to achieve a work/life balance. Whilst huge interest in the market has resulted in the proportion of houses available for sale dropping, the number of flats that are available, conversely, has slightly increased. The cladding crisis will have clearly played its part. With stories of people queuing up at estate agents doors and making offers prior to viewing properties, it seems that market activity will continue at high levels for quite a while yet.