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Average house prices in UK hit record high of £255,000 in December

The BBC reported according to UK lender Nationwide, average house prices in the UK hit a record £254,822 in December.
The typical house is now worth £23,902 more than it was in January, making it the strongest year for price rises since 2006.
But Nationwide predicted the market would slow next year because the stamp duty holiday, which ended in September, saw buyers bring purchases forward.
And it warned that slowdown could be made worse by the spread of Omicron.

"The Omicron variant could reinforce the slowdown if it leads to a weaker labour market," Nationwide's chief economist Robert Gardner said.
Interest rate rises
He said that even if the economy remains strong, higher interest rates were likely have a "cooling influence" on the housing market.
It suggests the lender may be expecting further increases to interest rates in the new year. Earlier this month, the Bank of England raised rates to 0.25% from their historic lows of 0.1% in a bid to tackle rising inflation.
UK government pledges $141.7 million to help vulnerable countries deal with Omicron
Further increases in the cost of borrowing would mean fewer people are able to gain a foothold on the property ladder.
"House price growth has outpaced income growth by a significant margin over the past 18 months and, as a result, housing affordability is already less favourable than before the pandemic struck," Mr Gardner said.
Think tank warns UK cost of living squeeze in 2022
Wales saw the highest growth with prices increasing 15.8% compared to the same time last year. Meanwhile, price increases in London slowed compared to last year, climbing just 4.2%.
Outside of London, the prices of British houses increases very much - Rightmove
Speaking to the BBC's Today programme, Andrew Harvey, a senior economist at Nationwide, said the pandemic had caused a change in the behaviour of buyers who had been looking to leave large cities in favour or suburban and rural areas.
He said: "I think London probably has suffered as a result of that."
Source: BBC
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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