Halifax House Price Index December 2019
House prices in December showed the greatest gains in 2019 according to Halifax, with prices up by 1.7% on the previous month.
In annual terms, house prices increased at their fastest pace since February 2018, up by 4.0% year-on-year, while prices edged up 1.0% on a quarterly basis. The average house price increased to £238,963.
The market throughout much of 2019 was weak, in part due to heightened uncertainty around Brexit and the direction of the general economy. But outright price declines on a national level were prevented on the back of sustained real wage growth, low mortgage rates and low stock of housing for sale.
In the run-up to the general election, consumer confidence edged up. Confidence is expected to continue to pick up following the biggest Conservative majority in a generation, which should encourage prospective buyers to make a move and benefit housing transaction volumes.
But with a number of critical Brexit deadlines ahead, consumer sentiment is not expected to rapidly rebound from the firmly negative -11 index reported by GfK in December. Additionally, large deposits and stamp duty challenges affordability in London and the South East.
This is likely to translate to modest gains in house prices at a national level as we go into 2020.
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