The average house price in the UK crept up in 2019, it has been revealed, despite reported uncertainty over Brexit.
Nationwide Building Society reported that house prices ended the year 1.4% higher than at the beginning of 2019, with particularly strong rises observed in November and December.
The average house price in December was £215,282, with overall values increasing by 0.1% month on month throughout 2019.
Nationwide says its statistics indicate the housing market is “getting back on its feet” following the economic uncertainty of 2019 in which Brexit was twice delayed.
Robert Gardner, Nationwide’s chief economist, said: “Indicators of UK economic activity were fairly volatile for much of 2019 but the underlying pace of growth appeared to slow through the year as a result of weaker global growth and an intensification of Brexit uncertainty.”
House prices rose most prominently in Scotland, up by 2.8% in the fourth quarter of 2019, compared to 2018, while the West Midlands recorded the second highest increase at 2.7%
Could There Be A ‘Boris Bounce’?
The Conservative’s Party emphatic General Election win in December has established a period of stability for the British economy, although Gardner played down the potential for a “Boris bounce” for the property market in 2020.
“Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts as well as the outlook for global growth,” said Gardner. “Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months.”
The government emphasised its bid to build 300,000 homes a year in its election manifesto, and also made strides towards helping the self build industry.
The Conservatives promised to help first-time self builders access the Help to Buy Scheme using 5% deposit mortgages.