× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

UK house prices rise by most in six years - Nationwide

By Reuters | January 1st 2021
By Reuters | January 1st 2021

British house prices rose faster than expected in December to record their biggest annual increase in six years, as tax incentives and COVID-driven appetite for larger homes continued to boost demand, mortgage lender Nationwide said.

House prices rose by 0.8 per cent in December alone, barely slowing from the 0.9 per cent recorded in November, and were 7.3 per cent higher than a year earlier, well above forecasts in a Reuters poll for a 6.7 per cent rise.

After a collapse in house purchases during the first months of lockdown, there has been a surge in demand to move house, driven in part by a temporary exemption of property purchase taxes which will expire at the end of March.

Nationwide said the strength of the housing market contrasted with weakness in some other parts of the economy - especially those exposed to renewed COVID-19 restrictions - and said the outlook for prices in 2021 was highly uncertain.

“Housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March,” Nationwide economist Robert Gardner said.

So far furlough payments and similar support for the self-employed had limited the impact of a historic 26 per cent fall in economic output on the housing market, against most economists’ earlier expectations, he added.

Demand for detached homes had risen most, with an average rise of just over 8 per cent in the past 12 months, while prices for flats had risen by 4 per cent.


Covid 19 Time Series


Share this story
Nissan Motor to reduce presence in Europe
The Japanese motor company is currently moving its operations away from Europe and shifting its focus to China, the United States, and Japan.
CS Najib Balala summoned over stalled project
There have been reports of cut-throat competition between agencies under the Ministry of Tourism.