February 4, 2023

Pandemic property boom: House prices up by 20%

In the past years, the pandemic has increased the house prices by nearly £30,000 and on average in the past 2 years by 20%. The inflation rate climbed to 12.6% in February. This has created a fresh affordability crisis in the UK’s property market, driving the cost of a home relative to wages up from already elevated levels to the highs seen just before the financial crisis. An acute shortage of homes being listed for sale is said to be behind the price increases, as this increases competition for those which do become available. 

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