UK house prices and rent soar as cost of living crisis worsens

manchestereveningnews.co.uk:

The average house price in the UK has risen by £24,000 in the year to March, according to new data. Property experts said the spike is due to a supply shortage but that rising interest rates and a potential recession in the future could slow the rate of price growth over the next months.

Official figures released by the Office for National Statistics (ONS) show that the typical property value was £278,000 in March 2022 – following a £24,000 annual increase.

The annual growth rate in March, at 9.8 per cent, was lower than an 11.3 per cent annual increase in February. Average house prices increased over the year in England to a record level of £298,000 (a 9.9 per cent annual increase), in Wales to £206,000 (11.7 per cent), in Scotland to £181,000 (8 per cent) and in Northern Ireland to £165,000 (10.4 per cent). READ MORE:Parents warned school meal sizes may get smaller due to cost of living crisis In England, the East Midlands had the highest annual house price growth, with average prices increasing by 12.4 per cent in the year to March.

Meanwhile in London, the average prices increased by 4.8 per cent over the year to March, making it the lowest annual house price growth.