Average house prices in the UK hit a record £254,822 in December, according to lender Nationwide.
But Nationwide predicted the market would slow next year because the stamp duty holiday, which ended in September, saw buyers bring purchases forward."The Omicron variant could reinforce the slowdown if it leads to a weaker labour market," Nationwide's chief economist Robert Gardner said.He said that even if the economy remains strong, higher interest rates were likely have a "cooling influence" on the housing market.
Further increases in the cost of borrowing would mean fewer people are able to gain a foothold on the property ladder. 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%.
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