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UK House Prices Mark Strongest Start to the Year Since 2005

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House prices in the United Kingdom recorded the strongest start to the year in 17 years, as annual growth climbed to 11.2% in January.

Source: Nationwide Building Society

IUKP.L is up 0.68%.

Average house prices for the month stood at £255,556, 11.2% higher than the average £254,822 in December 2021. This is the strongest growth since June 2021 and the strongest start to the year since 2005.

Month-on-month growth after taking account of seasonal effects came in at 0.8%, slower than the 1.1% recorded the previous month. This is the sixth straight month of growth.

Nationwide Chief Economist Robert Gardner said housing demand has continued to be strong as mortgage approvals have remained slightly above pre-pandemic levels and stock on agents’ books extremely low.

The market is expected to slow in 2022, with the price growth outpacing earnings growth by a wide margin since the COVID-19 pandemic started. Reduced affordability is expected to hit market activity and price growth.

Property transactions in 2021 were the highest since 2007 and around 25% higher than in 2019.

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