Jamie Durham, economist at PwC comments on today's house price data:
“Today’s house price release from the ONS shows that house prices in the UK increased by 2.2% in the year to December 2019, up from 1.7% in November. The average house price is now £235,000.
This is the first time that prices have increased across all regions since early 2018. Price growth in London in particular has rebounded, with the highest rate of growth since late 2017. This may suggest an end to North-South divide in house price growth that has been evident over the last couple of years.
Price growth rates have been trending upwards since the middle of 2019. It appears that greater certainty in the economy, particularly related to the Brexit agreement and General Election result, has unlocked pent-up demand and helped push up prices.
Assuming everything goes smoothly during the transition period, and the economic environment remains resilient, we expect continued positive house price growth in 2020.”
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