UK house prices jumped again in December: report

British house prices surged again in December as the property market upswing continued, surprising economists who had expected to see a slowdown in price growth, mortgage lender Nationwide said on Thursday.

House prices jumped by 0.7 per cent in monthly terms during December, following a 1.2 per cent increase in November, Nationwide said. A Reuters poll of economists had pointed to a 0.1 per cent month-on-month increase.

House prices ended the year 4.7 per cent higher than their level of December 2023, up from 3.7 per cent in November -- the highest annual growth rate since late 2022.The Nationwide survey fits with a slew of stronger than expected housing market data, contrasting with other indicators that point to weakening activity across the wider economy.

“Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers,” said Robert Gardner, chief economist at Nationwide.