< Back to blog

Growth in house prices Posted On 31 January 2020

According to the latest Nationwide house price index, UK house price growth has risen to 1.9%, up from 1.4% in December.

This growth is welcome news for the property sector – especially as prior to December, annual growth had been below 1% for 12 successive months.

“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,” explains Robert Gardner, Nationwide’s chief economist.

“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.

“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.

“Looking ahead, economic developments will remain the key driver of housing market trends and house prices. Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts, as well as the outlook for global growth.

“Overall, we expect the economy to continue to expand at a modest pace in 2020.”

< Back to blog

Connect with us

Recent Posts

Kit out your kitchen

With the kitchen one of the hubs of the home, it’s key to ensure that you have everything you need to make it fully functional Like any good workspace, your kitchen needs the right tools. Having these to hand will ensure you cook up a storm in no time. But fear not, we tell you …

Read more...

Rare royal portraits dazzle the nation

Queen Elizabeth II poses for a rare and beautiful official portrait, which was captured last year at Windsor Castle by royal photographer Chris Jackson, and which has recently been released to the nation. The portrait shows Her Majesty, 94 years old, wearing blue sapphire jewellery and a matching tiara, along with a couple of pieces …

Read more...

Pension Schemes Bill passes latest stage

“The role of bricks and mortar in later life is changing”, says the Chairman of the Equity Release Council, as hopes of housing wealth being included in the pensions dashboard improve!   At its second reading last Wednesday, The Pension Schemes Bill has been passed in the House of Commons after some debate between MPs. …

Read more...

Final garden prep before winter

We are grasping onto the last ounces of sunny, warm(ish) weather, and now your garden will need some attention and preparation for autumn and winter   With the hot summer we have had this year, and the surprise second-budding of your flowers, your garden will have had its work cut out this summer, and is …

Read more...

How to carve a pumpkin this Halloween

With Halloween coming up, there is nothing that symbolizes this holiday better than a carved pumpkin…   Whether you want to create a simple jack-o-lantern or something a little more artistic, here are some hints and tips that will help you out, as anyone who has ever carved a pumpkin already knows, it can be …

Read more...