Home owners will likely be happy to observe that household prices have actually proceeded to increase during January, though there has just been a modest increase.
Figures released by Nationwide with its latest House Price Index today reveal that there’s been a 1.9% year-on-year upsurge in home rates during January, with all the typical price now standing at Ј215,897. The figures also showed that there was a 0.5% month-on-month rise during the month after taking into seasonal factors.
Commenting regarding the figures, Robert Gardner, chief economist at Nationwide, stated: “January saw an additional modest pick-up in annual UK house cost development to 1.9per cent, from 1.4percent in December. This follows 12 successive months by which price that is annual was indeed below 1%.
“Indicators of British economic activity were checkngo fairly volatile for much of 2019, nevertheless the underlying pace of development slowed down through the 12 months due to weaker global growth and an intensification of Brexit doubt.
“Recent information carry on and paint a picture that is mixed. Economic growth did actually grind up to a halt as 2019 received to an in depth, though company surveys point out a pickup in the beginning of the year that is new. Labour market information was surprisingly positive when you look at the 3 months to November, because of the economy including over 200,000 jobs – the largest gain because the end of 2018.
“The underlying pace of housing industry task has remained broadly stable, with all the quantity of mortgages authorized for house purchase continuing inside the range that is fairly narrow within the last couple of years.