| UPDATED: 14:38, Wed, Dec 30, 2020
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Nationwide released their monthly house price index this morning, marking the end of a surprisingly positive year for the property market. The latest figures suggest that annual house price growth surged to a six-year high of 7.3 percent at the end of the year. This is up from 6.5 percent last month, with prices rising 0.8 percent month-on-month, after taking seasonal effects into account.
House prices saw their biggest annual increase in six years in December as the property market continues to boom despite the usual slowdown in the run-up to Christmas and new Covid restrictions.
The average price of a UK home rose 7.3 per cent, or more than £15,000, in the past year to £230,920, mortgage lender Nationwide has found. Prices rose 0.8 per cent, or almost £1,200, in the last month alone.
Nationwide calculated that property values are also more than £11,000, or 5.3 per cent, higher than they were in March, before the first lockdown. The outcome directly contradicts expectations then that the housing market could crash.
Property prices jump 7pc in 2020 as experts predict bumper year ahead
Analysts u-turn on predictions that the coming year will see falling house prices
30 December 2020 • 9:33am
House price growth surged to a six-year high this month as the property markets shrugged off a brutal recession caused by the Covid pandemic, with experts suggest predicting further rises next year.
Annual growth in property prices accelerated in December to reach 7.3pc – up from 6.5pc the previous month, according to Nationwide Building Society’s monthly index. The average property price is now worth just under £231,000, 5.3pc higher than it was just before the pandemic broke out in March.
| UPDATED: 15:49, Wed, Dec 16, 2020
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The latest house price index from ONS has recorded average house prices surging across England, Scotland, Wales and Northern Ireland. Average house prices over the year in England surged 5.4 percent in England to £262,000; 5.8 percent in Wales to £176,000; six percent in Scotland to £163,000; and 2.4 percent in Northern Ireland to £143,000. The figures were calculated using data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland.
Average UK house price hits new record with highs in England, Scotland and Wales eveningexpress.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eveningexpress.co.uk Daily Mail and Mail on Sunday newspapers.