House prices ‘up again’

UK house prices rose again in December, according to Nationwide Building Society.

Data from the lender revealed that the average home value was 0.4 per cent up this month, while the annual increase over the year was 5.9 per cent.

A combination of the latest monthly rise and the elimination of the November 2008 decline from the statistics meant that the annual price rise more than doubled from 2.7 per cent last month.

Nationwide chief economist Martin Gahbauer noted that the increase was less over the last three months than it had been in November, down from 2.8 per cent to 2.1 per cent.

He said the main reasons for this year seeing the market improve unexpectedly were factors such as low interest rates and pent-up demand.

The rise was one of two recorded this week, as the Land Registry figures for England and Wales in November showed that there was a 0.9 per cent jump in values.

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