london skyline

United Kingdom Housing December 2020

United Kingdom: House price growth rises to six-year high in December

According to the Nationwide Building Society, house prices in the United Kingdom rose 0.8% month-on-month in December, following November’s 0.9% rise. On an annual basis, house prices were up 7.3%, the fastest growth in six years (November: +6.5% year-on-year). The average house price in December was GBP 230,920.

Strong housing market dynamics in recent months have likely been driven by Covid-19-induced behavioral shifts (people looking to move to properties with more space due to home working for example), rock-bottom interest rates and the stamp duty holiday. On the outlook, Robert Gardner, chief economist at Nationwide, stated:

“Behavioural shifts as a result of Covid-19 may continue to provide support for housing market activity, while the stamp duty holiday will continue to provide a near-term boost by bringing forward home moves. However, housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest