House prices rise at strongest rate in a year |
House prices rose at their strongest pace in a year, according to Nationwide. The average home is now worth £257,656, with prices increasing by 0.7% between December and January. This marks a turnaround from the 1.8% fall recorded in 2023. Robert Gardner, Nationwide's chief economist, attributed the increase to cuts in mortgage rates and positive forecasts about interest rates. However, he noted that the outlook remains uncertain. Gardner said: “There remains considerable variation in affordability across the country, with pressures particularly acute in London, the south of England and East Anglia. Scotland and the north continue to be the most affordable regions, with mortgage payments as a share of take-home pay much closer to their long run average.” |
|