According to the report from Halifax Bank of Scotland, in February the house price index rose by 0.5% after an increase by 0.2% in January (revised from +0.3%). Economists had expected a 1% increase. Meanwhile, in annual terms, the growth of housing prices accelerated to 10.8% compared to +9.7% in January. The latest growth rate was the most significant since June 2007. Consensus estimates suggested an increase by 10.5%. Halifax reported that the average house price rose in February to 278 123 pounds (a new record level).
Commenting on the latest data, Russell Galley, Managing Director, Halifax, said that February saw the eighth consecutive monthly increase in house prices, while year-on-year price growth was the highest since June 2007. Compared to February 2020 (before the outbreak of the pandemic), the average value of real estate increased by 38,709 pounds or 16%. In the last 12 months alone, house prices have increased by an average of 27,215 pounds, demonstrating the highest increase in more than 39 years of the index's history. In general, the lack of supply continues to support the growth of housing prices."