Average UK property price rises to £215,897
January saw a modest pick-up in house price growth according to Nationwide, with annual house price inflation ticking up to 1.9%.
On a monthly basis prices were up 0.5%, taking the average property to £215,897.
Robert Gardner, the lender’s chief economist, said: “The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing within the fairly narrow range prevailing over the past two years.
“Looking ahead, economic developments will remain the key driver of housing market trends and house prices. Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts, as well as the outlook for global growth.
“Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months.”
Step change in sentiment
David Westgate, group chief executive at Andrews Property Group, added: “While prices didn’t skyrocket in January, compared to just three months ago the mood in the property market has changed quite materially. There has been a step change in sentiment.
“People who were hesitant amid the political uncertainty of recent years are now making their move, both figuratively and literally.
“February will be the real test of confidence. How the market responds once we have formally exited the EU could set the tone for the rest of the year.”