UK house price growth at 14-month high, says Nationwide



In the United Kingdom, housing prices hit a fourteen-month high in January after confidence was restored from the general election. Housing prices are 1.9% higher than a year ago on average. Experts believe the lower prices in the past were due to public uncertainty, and the increase is due to a combination of lower borrowing costs and a stable market. Economists predict that this upward trend will increase throughout the coming year, which may give more opportunity for young people to enter the housing market.

Key Takeaways:

  • Nationwide Building Society, one of the UK’s largest mortgage lenders, said property values were 1.9% higher than a year earlier
  • Labor market conditions and decreased borrowing costs were believed to be key factors in the price growth.
  • The number of mortgages approved by Britain’s high street banks jumped to the highest level for almost five years in December.

“Annual house price growth across the UK jumped to a 14-month high in January as confidence returned to the housing market following the general election.”

Read more: https://www.theguardian.com/money/2020/jan/29/uk-house-price-growth-at-14-month-high-says-nationwide

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Gavin Brazg

Gavin Brazg

MSc Dip Arch

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