The latest data on the UK housing market from Nationwide has revealed this morning that house price growth has risen to 1.9% during January, up from 1.4% in December.
Before December, annual growth had settled below 1% for twelve 12 consecutive months. House prices saw a monthly rise of 0.5% after taking account of seasonal factors.
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 slowed through the year as a result of weaker global growth and intensification of Brexit uncertainty.
“Recent data continue to paint a mixed picture. Economic growth appeared to grind to a halt as 2019 drew to a close, though business surveys point to a pickup at the start of the New Year. Labour market data was surprisingly upbeat in the three months to November, with the economy adding over 200,000 jobs - the largest gain since the end of 2018.
“The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing within the fairly narrow range prevailing over the past two years. Healthy labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook.Darren Howes, Company Director of Howes Estates, comments: ''We have seen a sharp increase in buyers coming to the market since the beginning of the year. Demand is far outstripping availability and we are now looking to replenish our stock levels across our branches. Having offices in Okehampton & Holsworthy, allows us to provide our excellent services in all areas of Mid & West Devon. If you are thinking of selling a property in these areas, please feel free to get in contact with us for a FREE no obligation property sales valuation''.