UK average house prices rose 10.2 per cent on the year to a record £256,405 ($363,747) in March, the highest annual growth rate in the UK since August 2007, as the country’s housing boom continued.
The average price of a home was £24,000 higher than it was in March 2020, according to the Office for National Statistics, with the price rise in March following February’s 9.2 per cent increase.
Sam Beckett, head of economic statistics at the ONS, said the surge in March was also the 11th consecutive monthly rise for the property sector.
“The average price of a house in the UK now stands at a record £256,000, which is £24,000 higher than this time last year,” she said.
“However, London continues to be the region with the lowest annual growth, for the fourth month running.”
Britain's property market has surged during the pandemic after the first Covid-19 lockdown created pent-up demand for homes, and Chancellor of the Exchequer Rishi Sunak's stamp duty break, unveiled in July, boosted activity even more.
A mortgage guarantee scheme for first-time buyers further stoked the sharp surge in housing market activity.
While Wales recorded the highest growth rate, with average house prices rising 11 per cent to £185,000, England secured the highest price, with prices increasing 10.2 per cent to an average £275,000.
Elsewhere, Scotland saw growth of 10.6 per cent to £167,000, and Northern Ireland saw average prices rise 6 per cent to £149,000.
London saw the lowest annual growth for the fourth month in a row, with prices rising 3.7 per cent, as more Britons sought larger houses outside the capital with gardens, better suited to working from home.
Prices of detached houses rose 11.7 per cent in the year to March, compared with an increase of 5 per cent for apartments, the ONS said.
The London market has also been hit by a lack of foreign investors due to the country's tight travel restrictions. Estate agents and developers told The National that Gulf demand for homes in the capital is surging, but buyers are reluctant to commit to a purchase until they can fly in and view properties in person.
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.
3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi
4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani
4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
UAE currency: the story behind the money in your pockets
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
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7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
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7.30pm: Handicap (TB) | Dh100,000 | 1,600m
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Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
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Global state-owned investor ranking by size
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United States
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China
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Japan
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Norway
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Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
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Al Watan newspaper
Cham Press TV
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Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
