UK house price growth accelerated in January - Nationwide

According to the report from Nationwide Building Society, in January annual house price growth edged up to 1.9% from 1.4% in December. Economists had expected a 1.5% increase. On a monthly basis, house prices increased by 0.5%, after taking account of seasonal factors, compared to a 0.1% increase in December. Economists had expected a 0.3% increase.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "January saw a further modest pick-up in annual UK house price growth to 1.9%, from 1.4% in December. This follows twelve 12 successive months in which annual price growth had been below 1%. Indicators of UK economic activity were fairly volatile for

much of 2019, but the underlying pace of growth slowed through the year as a result of weaker global growth and an intensification of Brexit uncertainty. Recent data continue to paint a mixed picture. 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".