In January, annual house price growth across Britain rose to a 14-month high as confidence in the UK market remains high following the Conservative Party´s general election win.
The average property price is currently £215,897 which is up by 0.5 per cent December, equal to £615. The average property value is 1.9 per cent higher than the same time last year and is up from 1.4 per cent in December. This increase represents the fastest annual growth since November 2009.
Following a whole year of annual price growth of below 1 per cent, Robert Gardner, Nationwide´s chief economist commented on the recovery saying: “Healthy labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook.”
The latest sign of a revival in the housing market has come after recent news that the number of mortgages approved by Britain´s high street banks increased to the highest level for almost five years in December.
According to the property website, Rightmove, the average price of properties coming on to the market grew by 2.3 per cent between December and January; the fastest rate on record for that time of year.
Separate research carried out by property website Zoopla shows annual house price growth in the UK´s 20 biggest cities reached a two-year high of 3.9 per cent this month with London experiencing a 1.9 per cent growth , the fastest since 2017. Demand for housing across the 20 cities rose by 26 per cent which far exceeds the usual new-year boost.