UK house prices rise for fourth month in a row, Nationwide | housing market

Home prices rose for the fourth straight month in December, ending 2024 on a solid footing, with the average home price reaching $269,426, according to Nationwide.

The Building Finance Association's monthly tracker showed prices rose 0.7% in December compared to the previous month and 4.7% on an annualized basis.

This represents the highest annual rate of price inflation since Nationwide hit 7.2% in October 2022, a month after former premiers Liz Truss and Premier Kwasi Kwarteng's disastrously small budgets sent borrowing costs soaring.

Robert Gardner, Nationwide's chief economist, said despite the strong year-end performance, average home prices are still below the all-time high set in the summer of 2022.

Mortgage market activity and home prices have proven to be surprisingly resilient in 2024, given the ongoing affordability challenges faced by potential buyers, he said. It was encouraging to see increased levels of activity in the housing market throughout 2024. The number of mortgages approved for home purchases each month exceeded pre-pandemic levels toward the end of the year.

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The value of a typical house in the UK has increased by around 12,000 over 2024, from 257,443 at the end of 2023 to 269,426 at the end of last year.

Nationwide said the Government's stamp duty changes in England and Northern Ireland from March were likely to cause volatility in the housing market, with many buyers likely to push ahead with purchases to avoid paying additional tax.

In September 2022, the government temporarily increased the zero rate stamp duty, which is the amount before you start paying stamp duty on a purchase, from 300,000 to 450,000 for first-time buyers and from 125,000 to 250,000 for additional homebuyers. . Rachel Reeves said in the October Budget that this would be scrapped from March 31.

Gardner said this would result in a surge in trading in the first three months of 2025, particularly March, followed by weaker trading over the next three to six months. This makes it more difficult to identify the underlying strengths of the market.

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Every region in the UK has experienced rising house prices in the past year. Northern Ireland was the best-performing region for the second year in a row, with annual prices rising 7.1%.

Across England, overall prices rose 3.1% year-on-year, but Nationwide said there was a clear north-south divide. Typical house prices in the North of England rose 4.9% year-on-year, while in the South of England they rose 2.2%.

Nathan Emerson, chief executive of estate agent Propertymark, said: “Once things calm down after the runaway tax expected in April, buyers and sellers may be able to compensate in a slower-paced market, which could allow for greater negotiation opportunities.” He said. Price for both buyers and sellers.

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