March saw the biggest rise of 1.4% in UK's home prices

The average UK house price reached a new high of £282,753 in March and increased month-on-month by 1.4% which is the biggest rise in six months, the ninth consecutive month of increases and following a 0.8% rise in February.
Property values grew by 18.2% on average, since the first UK lockdowns two years ago.
The South West of England surpassed Wales as the UK’s strongest performer in terms of annual price house inflation, with a 14.6% rise as the average house price is now £298,162.
The average house price in Wales is now £211,942 which is another all-time high for the country.
Property prices in Northern Ireland also saw an annual increase of 13% with an average price of £177,265, in Scotland, house prices reached a new record of £194,621, and London continued its recent upward direction, as prices grew by 5.9% year-on-year, with an average price of £534,977.
The Bank of England wishes to increase interest rates further, which will decrease people’s spending power.
Before the outburst of war in Ukraine, inflation was expected to peak at 7.25%, this is now likely to be considerably higher and the only way to combat increased rates.

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