PwC comments on March's ONS house price data


Jamie Durham, economist at PwC, comments on the latest UK house price data:

“The house price ‘mini boom’ continued in February 2021, with prices up 8.6% on an annual basis - the fastest rate of growth since October 2014.

“Prices rose fastest in the North of England, and particularly the North West where the average price was 11.9% higher. London saw the smallest increase in price, reflecting the higher average price of nearly half a million. Despite this, the average property price was still up 4.6% on the year before.

The average UK house price is now £20,000 higher than in February 2020, which was the last full month before the first lockdown started. Many people are now looking for larger and more expensive properties with outdoor space, while the stamp duty holiday has allowed buyers to put more money towards a deposit, pushing up prices."

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