© Provided by City AM UK house prices have hit a record high despite rising at a slower rate than a year ago, according to the Halifax house price index this morning.
The lender said that the affordability of houses was "close to pre-financial crisis levels", as house prices remained historically high at an average of £252,765.
The difference between the 2007 financial crash and today, is that mortgage rates are considerably lower.
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Despite slowing their ascent in the first quarter of 2021, inflation has risen by 5.7 per cent, as the standard house price a year ago sat at £252,030.
The 5.7 per cent jump was down from a nearly five year high of seven per cent last year, the lender reported.
Prices lifted only 0.3 per cent in the first quarter of this year, smaller than the 2.5 per cent jump in the final quarter of 2020.
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The London property market showed slower gains in house prices over the start of this year, the "strongest" since the 2016 EU referendum, Halifax said.
The standard house price in Greater London sat at £505,359, down 2.5 per cent from the final quarter of last year, however, has edged 2.1 per cent higher in comparison to 2020.
Demand for larger properties carried through from last year, while existing houses were hit by rising inflation 6.2 per cent than new builds.
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