It seems optimism returned among buyers and sellers – house prices rise across the UK as a result.
After 10 quiet months, property prices rose in November and December 2019.
The average price for a home in December was £215,282, according to Nationwide building society, one of the UK’s largest mortgage lenders. Property prices go up by 0.1% every month.
In January they said property values were 1.9% higher than a year earlier – up from 1.4% in December and the fastest yearly growth since November 2018. The average price for a home now stands at £215,897 – up £615, or 0.5% higher than in December.
In further evidence that the housing market is picking up, inquiries from would-be buyers, agreed sales and the number of real estate coming on to the market all rose in January.
Some surveys have also suggested a price bounce in the housing market since the general election in mid-December, although much will depend on how the Brexit after effects develop.
No doubt, we’re seeing a lot of enthusiasm among buyers since the beginning of this year but we cannot yet tell how sustained this optimistic mood will be.
By the way, price growth in London has fallen to 0.6% since the referendum. This will be welcome news for many people who are interested in becoming homeowners in London. Although it still remains far from affordable for most of us.
One challenge remains though
Raising a deposit to get on the property ladder is still difficult for many. Even in the north of England and in Scotland, where property appears to be cheaper, it’ll take someone earning the average wage more than five years to save up for a 20% deposit.
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