House price growth accelerated in December to a seven-month high in a sign of growing momentum in the market, according to figures from Nationwide.
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The mortgage lender said house prices rose 0.8% in December, the strongest monthly rise since April, with a price rise of just 0.1% in November.
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The report noted that house price growth has been fairly consistent during the second half of this year, with general increases of between 3% and 4.5% being “broadly in line with earnings growth and close to the pace we would expect to prevail over the longer term”, said Robert Gardner, Nationwide’s chief economist.
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Average prices in the London are now 50% above their pre-crisis peak in 2007, while in contrast property values in Northern Ireland remain 44% below their pre-crisis peak, despite rising by 6.5% in the last three months of the year. Economists had forecast house price growth to rise to 3.8% from 3.7%.
He added that house prices are likely to rise from 3% to 6% over the next 12 months. “However, the main concern is that construction activity will lag behind strengthening demand, putting upward pressure on house prices and eventually reducing affordability”, he says.
Happily, there are plenty of competitive mortgages available to those with a limited deposit, so even though house prices are rising, buying your dream first home could still be within reach.
“Indeed, there is a strong relationship between employment growth since the financial crisis and the rate of house price growth”, Mr. Gardner said.
Growth in London was the strongest for the fifth year in a row, with prices over the final quarter of 2015 12.2 per cent ahead of a year earlier, taking the average to £456,229.
The building society’s December house price index showed that prices in the capital and the South of England continued to outpace the rest of the country by “a wide margin”.
Jeremy Leaf, a north London estate agent, said that the “the situation is likely to get worse before it gets better”.
Across the United Kingdom as a whole, prices are around 7% higher, Nationwide added.
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Further, data showed that all regions except Scotland registered increases in house prices in 2015, though all reported slower rates of annual price growth than in 2014.
