(Reuters) – British home costs jumped once more in December because the housing market restoration continued, stunning economists who had anticipated a slowdown in worth progress, the housing physique mentioned on Thursday. Nationwide mortgage mortgage.
Home costs jumped 0.7% in month-to-month phrases in December, following a 1.2% enhance in November, Nationwide mentioned.
A Reuters ballot of economists confirmed a rise of 0.1% over one month.
Home costs ended the yr 4.7% larger than their December 2023 degree, in comparison with 3.7% in November – the very best annual progress price because the finish of 2022.
The Nationwide survey comes amid a string of stronger-than-expected housing market knowledge, contrasting with different indicators that time to weakening exercise throughout the financial system.
“Mortgage market exercise and home costs have confirmed surprisingly resilient in 2024, given the continuing affordability points going through potential patrons,” mentioned Robert Gardner, chief economist at Nationwide.
The constructing society sticks to its view that home costs are anticipated to rise by 2-4% in 2025 – with exercise prone to be stronger within the first half earlier than an increase in property transaction taxes in April.
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