According to the Nationwide Building Society, UK house prices rose by 8.4% in 2013 as the economy started to gain momentum. The figures revealed that house prices had accelerated at the end of the year, rising by 1.4% in December compared with November. Prices in the three months to the end of December were up by 2.9% compared with the previous three months.The rise in price meant the average home was now valued at £175,826 however, the average UK property price still remained 5% below the peak in prices reached in late 2007. Robert Gardner, Nationwide’s chief economist said “Part of the reason for the acceleration in house price growth is that the supply side of the market has not kept pace with the upturn in demand, even though buyer numbers remain subdued by historic standards.”
Separate figures from the Bank of England showed that the number of mortgages approved for house purchases stood at 70,758 in the UK in November. This was the highest figure since January 2008 and showed that buyer demand is picking up.However, it is important to note that the Nationwide’s figures are based on their own mortgage data, and therefore do not give a final representation of the UK housing market for 2013.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with conveyancing solicitors in Reading and across the country.