UK house prices rise for fourth month in a row, says Nationwide
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Cost of average home in December reaches £269,426, with value over year increasing by almost £12,000. House prices rose for a fourth consecutive month in December, ending 2024 on a “strong footing” with the cost of an average home hitting £269,426, according to Nationwide.
The building society’s monthly tracker found prices rose 0.7% in December on the previous month, with the annual increase in the value of a typical UK home up 4.7%. Robert Gardner, Nationwide’s chief economist, said that despite the strong end to the year, the price of an average home still remained below the all-time high set in summer 2022.
“Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers,” he said. “It was encouraging that activity levels in the housing market increased over the course of 2024 with the number of mortgages approved for house purchase each month rising above pre-pandemic levels towards the end of the year.”.
The value of a typical UK home increased by almost £12,000 during 2024, from £257,443 at the end of 2023 to £269,426 at the end of last year. Nationwide said the government’s changes to stamp duty in England and Northern Ireland from March were likely to “generate volatility” in the housing market, with many buyers likely to push through purchases to avoid paying additional tax.
In September 2022, the government temporarily increased the nil rate of stamp duty, the amount before you have to start paying stamp duty on a purchase, for homebuyers, raising the nil rate for first-time buyers from £300,000 to £450,000, and for those buying an additional home from £125,000 to £250,000.
