House prices rose at their fastest pace since 2007 last month to reach a record high, but a slowdown is coming, said Halifax.
Britain’s biggest mortgage lender said prices rose by 10.8% in the year to February after slower growth in January. Houses were also about 0.5%, or £1,478, more expensive last month than they were in January.
The average house price set yet another record at £278,123, after eight consecutive monthly increases recorded by the Halifax index.
Andrew Burrell, chief property economist at consultancy Capital Economics, said: “House price growth will stay strong until the summer, but will slow to 5% [year-on-year] by the fourth quarter of 2022, albeit that this is stronger than most expect.”
