The latest study released by Halifax has revealed that the North West was the region of England that witnessed the sharpest house price rises during 2021.
This monthly index from Halifax shows that the average North West house price for December hit £211,954. This marks an increase of 11.8% in comparison to the average price there at the same time the year before, which is the single biggest year-on-year rise in prices seen in any part of England.
Overall, the North West was following a UK-wide trend though, as last year brought rises in average house prices across every single region. The overall UK rise was over £24,500, which is the sharpest annual spike seen since 2003.
The South West was the region that came closest to matching the annual rise seen in the North West, with average prices there being 11% higher at the end of last year than they were at the close of 2020. London saw the lowest annual increase, with prices going up by just 2.1%, but they are already higher there than in any other part of the country.
Speaking to ITV News, Halifax Managing Director Russell Galley said:
“In 2021 we saw the average house price reach new record highs on eight occasions, despite the UK being subject to lockdown for much of the first six months of the year.”
Advisors with CeMAP training in the North West are needed to help buyers deal with this situation, although price rises are anticipated to slow this year.
