For your first appointment call:0191 263 6200
According to new figures from Nationwide’s mortgage data, house price growth has jumped to a 14-month high this month. The average home is now valued at £215,897 and January property values are 1.9% higher than a year ago, marking the strongest annual growth since November 2018.
The figures from Nationwide are the latest in a string of signs of renewed activity and a pick-up in price growth in the UK property market.
Robert Gardner, Nationwide’s chief economist said, “Looking ahead, economic developments will remain the key driver of housing market trends and house prices,”
However, Mr Gardner said he did not expect a sustained rise in house prices throughout the year, saying, “Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts, as well as the outlook for global growth. Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months.”
He added that economic growth slowed dramatically at the end of 2019, but business surveys indicate a pick-up at the start of 2020.
Sources; bbc.co.uk, 29 January 2020, ‘UK house price growth at 14-month high, says the Nationwide’. Theguardian.com, 29 January 2020, ‘UK house price growth at 14-month high, says Nationwide’.