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UK house prices rose more than expected in December showing resilience in the property market, according to lender Nationwide.
Prices increased 0.7 per cent compared with November, higher than the 0.1 per cent increase expected by economists, and took the average house price to £269,426, just below a record high hit in 2022.
Nationwide said that house prices were 4.7 per cent higher in December than a year earlier, the fastest annual pace since November 2022 and exceeding economists’ expectations of a 3.8 per cent increase.
“Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers,” Robert Gardner, Nationwide’s chief economist, said on Thursday.
