House prices end year at record high, as Miller Homes bought by Apollo

Nationwide reports record house price growth

House prices ended 2021 at a record high, according to Nationwide’s house price index.

Rising by 10.4% in the year, the average property increased in value by almost £24,000 to £254,822. House prices are now 16% higher than they were before the pandemic struck in 2020, with Wales the strongest-performing region in 2021, for the first time since Nationwide’s house price index began in 1973.

London performed the worst, with a 4.2% annual rise; lower than the 6.2% annual rise reported in Q4 2021.

However, the bank predicts a “cooler” 2022, with interest rate rises and the completion of the stamp duty holiday period combining with ongoing uncertainty over the effect of Covid on the labour market.

Miller Homes bought by Apollo

A fund managed by Apollo has agreed to buy volume housebuilder Miller Homes from private equity company Bridgepoint.

The residential developer, who build approximately 4,000 homes per year, was bought by Bridgepoint in 2017 for £655m. The financial terms of the Apollo purchase have not been disclosed.

Chris Endsor, CEO of Miller Homes, described the development as “exciting”, adding: “The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances. We have emerged stronger for it and are very well-placed to achieve our medium term target of 6,000 units while maintaining the product quality and service for which we are known.”

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