UK house prices rise again in December
British house prices surged again in December as the property market upswing continued, surprising economists who had expected to see a slowdown in price growth, mortgage lender Nationwide said this week. House prices jumped by 0.7 per cent in
British house prices surged again in December as the property market upswing continued, surprising economists who had expected to see a slowdown in price growth, mortgage lender Nationwide said this week.
House prices jumped by 0.7 per cent in monthly terms during December, following a 1.2 per cent increase in November, Nationwide said.
A Reuters poll of economists had pointed to a 0.1 per cent month-on-month increase.
House prices ended the year 4.7 per cent higher than their level of December 2023, up from 3.7 per cent in November – the highest annual growth rate since late 2022.
The Nationwide survey fits with a slew of stronger than expected housing market data, contrasting with other indicators that point to weakening activity across the wider economy.
“Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers,” said Robert Gardner, chief economist at Nationwide.
The building society stuck to its view that house prices were likely to rise in 2025 by 2 per cent to 4 per cent – with activity likely to be stronger in the first half of the year ahead of an increase in property transaction taxes in April.
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