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.
- 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.”