(Bloomberg) — UK house prices climbed to within touching distance of a record high at the end of last year, according to industry figures from Nationwide Building Society, suggesting the resilient property market gathered more momentum.
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The lender said prices rose 0.7% month-on-month to an average of £269,426 ($337,500), a fraction below the record high of £273,751 set in the summer of 2022.
The figures add to evidence showing the housing market gaining pace, a rare area of strength in the UK’s sluggish economy.
It was the fourth consecutive monthly increase, and chimes with other data showing solid buyer demand, including a jump in mortgage approvals to the highest in more than two years.
The market is being supported by rising real incomes and an end to uncertainty from Labour’s first budget on Oct. 30. Consumers were spared most of the £40 billion of tax hikes at the budget, and in November got a psychological boost from the Bank of England’s second interest-rate cut of the year.
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