Strong Finish to 2024 for UK Housing Market

The United Kingdom's housing market experienced a notable upswing in December, with house prices climbing by 4.7% compared to the previous year, as reported by the Nationwide House Price Index this Thursday. This increase is a step up from November's annual growth rate of 3.7%.

Monthly and Average Price Insights

On a month-to-month basis, the index saw a 0.7% rise on a seasonally adjusted basis. Meanwhile, the average house price in the UK reached £269,426 in June.

Expert Commentary

"The UK housing market concluded 2024 on a robust note, with prices up 4.7% from December 2023, albeit still slightly below the peak seen in the summer of 2022," stated Robert Gardner, Nationwide's chief economist. He further remarked, "Despite the persistent affordability challenges for potential buyers, both mortgage market activity and house prices demonstrated surprising resilience in 2024." Gardner also highlighted the anticipation of volatility in the housing market this year, attributing it to forthcoming changes in stamp duty.