U.K. property prices closed out last year 1.4% higher than they had been the year previously, the first time the level of price growth surpassed the 1% mark in 12 months, according to a report Friday from Nationwide.
The average U.K. house price now stands at £215,282 (US$281,425), the bank and mortgage provider said.
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On a month-to-month basis the level of growth was more moderate, inching up just 0.1% compared to November.
Though Brexit and political uncertainty has injected a large dose of volatility into the market, offsetting the drag of the uncertain economic outlook has been a healthy job market combined with low borrowing costs, the report said.
“The U.K. property market was always likely to demonstrate a slight festive lethargy on a month-to-month basis in December, and while we didn’t quite finish the year with a bang, the first annual increase above 1% in as long as a year is certainly something to toast to,” Marc von Grundherr, director of estate agency Benham and Reeves, said in a statement.
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“It’s been a rough ride of late, and while we’re unlikely to see any immediate New Year’s resolutions where the rate of house-price growth is concerned, there are still plenty of positives to take into a new decade,” he said.
Scotland saw its prices rise the most in the last three months of the year, up 2.8% from the same timeframe in 2018. The West Midlands, home to the cities of Birmingham and Coventry, followed with prices increasing 2.7%.
London was the weakest performing region in the fourth quarter of 2019, with prices 1.8% lower than the same period of 2018, the 10th quarter in a row that prices have fallen in the capital, according to the report.
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January 04, 2020 at 04:38AM
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U.K. House Prices Rise More Than 1% for the First Time in a Year - Mansion Global
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