The Office for National Statistics (ONS) released official UK house prices for December 2020 yesterday. The data shows prices across the country rose 8.5% in 2020. This represents the strongest growth in over 10 years and a stronger performance than other, previously released data had shown (Nationwide 7.3%, Halifax 5.8% and Rightmove 6.6%).
Five UK regions showed growth in excess of 10% for the year — the North West (+11.2%), Wales (+10.7%), the East Midlands (+10.6%), Yorkshire and the Humber (+10.4%) and the South West (+10.2%). London showed the weakest growth (+3.5%), as the pandemic drove higher “demand for space” outside the capital.
UK house prices increased +1.2% month-on-month in December. Notably, prices in England’s regional markets were +1.9% month-on-month, while London showed a -1.1% decline.