In January 2025, house prices in the United Kingdom rose for the fifth month in a row (+0.1% month-on-month), but the annual growth rate slowed (+4.1% compared with +4.7% in December), Nationwide reports.
The average cost of a house in the UK has reached 268,213 pounds.
"The real estate market continues to show resilience despite concerns about housing affordability," said Robert Gardner, chief economist at Nationwide.London-based real estate agency Foxtons said that sales of apartments and houses in the capital are at their highest level in almost a decade, and that growth is expected in the first quarter.
Nationwide also predicts a surge in sales, as buyers will try to close deals before March 31, that is, before changes in the legislation on stamp duty come into force in England and Northern Ireland.In September 2022, the government temporarily increased the tax-free amount from 300,000 to 425,000 pounds for first-time buyers and from 125,000 to 250,000 pounds for those who are not buying their first home.In October, Treasury Secretary Rachel Reeves announced that the measure would be lifted on March 31.
In the coming months, it will become clear whether the positive trends in the market will continue, or whether problems with housing affordability and inflation will begin to restrain growth.
Source: The Guardian