House prices increase by 1.9 per cent in January 2020
A Nationwide survey has revealed house prices have risen at their fastest rate for the first time in over a year, with an increase of almost two per cent in January.
The average home is currently valued at £215,897 and has risen by half a per cent compared with the previous month.
The building society notes that the rise in house prices contradicts their prior assumption that the cost of property would remain flat this year.
The chief economist of Nationwide, Robert Gardner, said "Looking ahead, economic developments will remain the key driver of housing market trends and house prices.
"Much will continue to depend on how quickly uncertainty about the UK's future trading relationships lifts, as well as the outlook for global growth. Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months."
However, analysts have suggested that Brexit will lead to changes in house prices across the year.
According to Johnathan Hopper, the managing director of Garrington Property Finders, "January is usually a busy time for estate agents as would-be buyers begin their search in earnest. But this year their numbers have been swelled by thousands of people who sat on their hands as Brexit uncertainty swirled.
"Sellers too are returning to the fold, meaning the market is seeing a simultaneous uplift in both demand and supply. Only when the dust settles will we know for certain how that double stimulus affects prices."
The greatest increase in house price in the UK was in Edinburgh at just over six per cent in December 2019.