United Kingdom house prices nearly reached a record high by the end of last year, according to industry data from Nationwide Building Society, indicating that the resilient property market gained further momentum.
The lender reported a 0.7% month-on-month increase in house prices, bringing the average to £269,426 ($337,500), just shy of the record high of £273,751 set in the summer of 2022.
These figures contribute to evidence that the housing market is gaining momentum, standing out as a rare area of strength in the UK’s otherwise sluggish economy.
It marked the fourth consecutive monthly increase, aligning with other data indicating strong buyer demand, including a rise in mortgage approvals to the highest level in over two years.
The market is being bolstered by rising real incomes and the resolution of uncertainty following Labour’s first budget on October 30.
Consumers were shielded from most of the £40 billion in tax hikes announced in the budget, and in November, the Bank of England’s second interest-rate cut of the year provided a psychological boost.
