UK property prices record strong growth

Property prices in the UK rose at their fastest pace in over six years during December, new figures show.

The latest data released by the Halifax Building Society shows that prices were up by 1.7 per cent in December, the fastest recorded monthly rise since 2013.

Overall, average property prices increased by 4 per cent during the whole of 2019, to reach £238,963.

“Average house prices rose by 4 per cent over 2019, at the top of our predicted range of 2 per cent to 4 per cent growth for the year,” said Halifax managing director Russell Galley. “Looking ahead, we expect uncertainty in the economy to ease somewhat in 2020, which should see transaction volumes increase and further price growth made possible by an improvement in households’ real incomes,” he continued.

“Longer-term issues, such as the shortage of homes for sale and low levels of house-building, will continue to limit supply, while the ongoing challenges faced by prospective buyers in raising deposits will serve to constrain demand.”

However, separate figures recently released by rival building society Nationwide, show less growth in the overall market.

Their figures reveal that house prices rose just 1.4 per cent in 2019, with the average property value up £4,126 to £215,282.

According to the Nationwide figures, the region with the highest property growth in 2019 was Northern Ireland, where prices rose by 3.4 per cent over the year.

London saw the biggest price fall, with values down -1.7 per cent.

Article published 13th January 2020