According to Halifax’s monthly index, property prices reached new record highs on eight occasions last year, hitting their greatest record-high so far in December 2021 at £276,091. Annually, the average UK house price grew by 9.8% and by 1.1% month-on-month in December. However, Halifax’s report added that house price growth is expected to slow considerably in 2022. 

“UK house prices climbed again in December for the sixth month in a row, rising by 1.1%,” said Russell Galley, managing director at Halifax. 

“The average price for a property now stands at £276,091, an increase of more than £24,500 compared to December 2020, marking the strongest year-on-year cash rise since March 2003 [...] The housing market defied expectations in 2021, with quarterly growth reaching 3.5% in December, a level not seen since November 2006.”

According to Halifax, the average house price in December 2021 in the East Midlands stood at £225,106, while Eastern England hit £319,447. In London, the average house price for December was £525,351, £159,694 in the North East of the country, and £211,954 in the North West of the country. Scotland saw an average of £192,988 for December, while Wales saw an average of £205,579.