UK Housing Market Records Strong Growth in Record January

The UK’s property market has recorded its strongest ever January performance for 17 years.

Last month, annual house price growth reached 11.2% according to building society Nationwide. This represented monthly growth of 0.8% on Decembers figures. 

The average house price rose to £255,556 for the year. The UK property market has performed exceptionally well over the past 18 months, this was the 6th consecutive monthly increase. 

The market has remained robust since the initial Covid 19 lockdown in March 2020. Transaction levels are currently 25% higher than those recorded in 2019 and are at their highest levels since 2007, prior to the global financial crash. 

In addition to the strong appetite of buyers in the market, prices are largely being driven by a lack of supply to the market in addition to record-breakingly low mortgage rates creating an attractive climate for buyers. 

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