Average UK house prices reaches £274,000

The average cost of a house in the UK has reached £274,712 according to the Office for National Statistics.

House prices continue to grow as the cost of a home increased by 0.8% between November and December and 10.8% over the whole year.

Experts are now suggesting the rate of growth is likely to slow over 2022.

“While the scales of supply and demand remain firmly tipped in favour of the nation’s home sellers, there’s a good chance that the high rate of house price growth seen during the pandemic will now subside, replaced by more incremental gains during the year ahead,” said Michael Bruce, CEO and founder of Boomin.