House prices rise 0.8% in December according to Nationwide

The Nationwide building society has released its house price survey stating that prices rose 0.8% in December with a 4.5% rise for 2015

The average property including houses and flats is now £196,999. The Land Registry had stated the average property price at the end of November was £186,325 a 5.6% 12 month increase.

Halifax however is stating property prices have risen 9% in the last 12 months.

London still remains the leader with a 12% yearly increase according to Nationwide with London prices now 50% above the peek in 2007 before the financial crisis. Northern Ireland is still 44% below 2007 peek prices. Scotland prices have dropped 1.9% in the 3 months to November.

Prices are predicted to grow 6% in 2016 due to lack of supply, healthy demand and growing wages. However there are other factors which may slow price growth such as 2nd property stamp duty increase, Clause 24 tax change for property investors and a slow down in the world wide economy including a large drop on the price of oil of over 65%.

Click here for full access to Land Registry House price data

Written by: houseladderwordpress