UK house prices rose for the fourth month in a row in December, reaching levels just below an all-time high according to Nationwide Building Society. The average UK house price increased to £269,426, marking a 4.7% annual increase.
UK house prices increased for the fourth consecutive month in December, reaching levels just below an all-time high, according to Nationwide Building Society. House prices concluded the year on a 'strong footing' as Nationwide stated, with the cost of an average house rising to £269,426. The building society's monthly tracker revealed a 4.7% annual increase in house prices during December, marking a 0.7% surge from the previous month.
Robert Gardner, Nationwide's chief economist, commented that while house prices concluded the year on a robust note, they fell short of the all-time high of £273,751 recorded in August 2022. He emphasized that UK house prices ended 2024 on a strong footing, rising 4.7% compared to December 2023, although prices remained slightly below the record high observed in summer 2022. Gardner expressed encouragement regarding the increase in housing market activity throughout 2024, with the number of mortgages approved for house purchases exceeding pre-pandemic levels towards the year's end. The average UK homeowner experienced a 12% increase in property value over the past year, rising from £257,443 at the end of 2023 to £269,426 at the end of the previous year. Looking ahead, Gardner anticipates stamp duty changes from April 'to induce volatility, as buyers expedite their purchases to circumvent the additional tax'. A temporary 'nil rate' threshold for first-time buyers will contract to £300,000 from the current £425,000. Stamp duty applies in England and Northern Ireland. Gardner predicts these changes will lead to a surge in transactions during the first three months of 2025, particularly in March, followed by a period of weakness spanning the subsequent three to six months. Nationwide also identified a 'clear north-south divide' in typical house prices across England
HOUSE PRICES UK ECONOMY MORTGAGES STAMP DUTY HOUSING MARKET
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