The start of the year showed promise for the housing market, as house prices are increasing month-on-month.
Prices rose by 0.7% between December and January, bringing the average house price to £257,6561. The annual rate of growth is continuing to recover, albeit tentatively; in January, prices were down by -0.2% when compared with the previous year. This is a significant improvement on December 2023, where prices were down -1.8% annually.
Robert Gardner, Chief Economist at Nationwide, commented, “While a rapid rebound in activity or house prices in 2024 appears unlikely, the outlook is looking a little more positive.”
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