Nationwide House Price Index - January 2020

A monthly look at UK property prices as published by Nationwide - one of the UK's largest mortgage lenders. A small uptick of 0.5% in January, taking the 12 month increase to 1.9%,  The average house price according to Nationwide's measure now stands at £215,897.

Robert Gardner, Nationwide's Chief Economist:

“January saw a further modest pick-up in annual UK house
price growth to 1.9%, from 1.4% in December. This follows
twelve 12 successive months in which annual price growth
had been below 1%.

“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 an 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

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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.

Drill down to the city-by-city level - Hometrack Cities Index

​“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.

“Looking ahead, economic developments will remain the key driver of housing market trends and house prices. Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts, as well as the outlook for global growth. Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months."

​Content from Nationwide - click for the full report