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13 January 2015

2014 A quick market review

The UK housing market saw a spring and summer boom in 2014, before activity dropped away a little towards the end of the year.

Recently published figures from the Nationwide Building Society - the first to record the annual change over the whole of 2014 - suggest that, on average, UK house prices rose 7.2% during the year.

This is based on the Nationwide's own lending data and masks some significant regional differences. For example, prices in London rose by 17.8% over the course of the year, according to the lender, compared with 1.4% in Wales.

Another survey, by rival lender the Halifax, says that prices rose by 8.5% over the year, although its official house price index data has not yet been published.

House sales were consistently above 100,000 a month in 2014, according to seasonally adjusted figures from HM Revenue and Customs (HMRC). It is the first time this has been the case since 2007.

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