UK house prices grow 1.9 per cent in New Year boost

UK house prices grow 1.9 per cent in New Year boost
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UK house prices grew 1.9 per cent in January, according to Nationwide, after 2019 was dominated by months of growth below the one per cent mark.

Growth rose 0.5 per cent between December 2019 and January 2020, Nationwide’s figures showed today. And house prices grew 1.9 per cent on an annual basis, beating December’s 1.4 per cent climb. That followed 12 months in a row of rises below one per cent.

Read more: UK house prices: Post-election surge breaks records

That left the average UK home valued at £215,897.

“Indicators of UK economic activity were fairly volatile for much of 2019, but the underlying pace of growth slowed through the year as a result of weaker global growth and an intensification of Brexit uncertainty,” Nationwide chief economist Robert Gardner said.

“Recent data continue to paint a mixed picture. Economic growth appeared to grind to a halt as 2019 drew to a close, though business surveys point to a pickup at the start of the New Year. Labour market data was surprisingly upbeat in the three months to November, with the economy adding over 200,000 jobs – the largest gain since the end of 2018.

“The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing within the fairly narrow range prevailing over the past two years. Healthy labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook.”

More to follow.



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