You are here: Home -

Official: UK house prices rose 2.2% last year

Written by:
A strong December boosted annual house price inflation and confidence has continued into 2020
Official: UK house prices rose 2.2% last year

Average UK house prices rose by 2.2% to £235,000 over the year to December 2019, according to the Office for National Statistics.

This was up from annual inflation of 1.7% in November 2019, boosted by a particularly strong end to the year. For the first time since February 2018, all regions saw a positive annual growth rate.

Four nations

Average house prices increased over the year in England to £252,000 (2.2%), Wales to £166,000 (2.2%), Scotland to £152,000 (2.2%) and Northern Ireland to £140,000 (2.5%).

Regionally the lowest annual growth rate was in the South East of England (1.2%), followed by the West Midlands (1.4%).

Yorkshire and the Humber was the English region with the highest annual house price growth, with prices increasing by 3.9% in the year to December 2019, followed by the East Midlands (2.8%).

London house prices grew by 2.3% to £484,000 over the year to December 2019, up from 0.4% in November 2019.

Gráinne Gilmore, head of research at Zoopla, said: “The certainty provided by the definitive result of the General Election was a shot in the arm for the UK housing market. The annual level of growth for the UK according to the ONS is the highest recorded in 2019, with all regions seeing positive growth for the first time in nearly two years.

“The upcoming Budget is a prime opportunity for the new Chancellor to address some of the factors affecting the housing market at present. Any review of stamp duty charges to help the movement of homeowners up and down the property ladder would be welcome, but the extent and nature of any reform, which must be balanced against political exigencies, remains to be seen.”

David Westgate, group chief executive at Andrews Property Group, added: “There’s a definite sense that the property market has turned a corner and is shaking off its post-EU Referendum anxieties.

“Sheer boredom with Brexit and the simple need to get on with their lives saw more and more people transact during 2019.

“Activity levels and sentiment have picked up even more since the New Year, especially in February. The pent-up demand in the market is now really starting to come through.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2019-2020

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
Cash buyers pay on average £20k less for homes than mortgage borrowers

Cash is King for homebuyers and sellers, offering a quicker and more certain sale, with big discounts available to those...