Wales leads the way on house price growth

Wales house prices increased by 7.8% to £173,000 in the year to November 2019, outstripping the rest of the UK.

Office for National Statistics data shows that prices also rose by 4.0% to £140,000 in Northern Ireland, 3.5% in Scotland to £155,000, and 1.7% in England to £251,000.

For the UK as a whole house price growth reached 2.2% in the year to November, up from 1.3% in October.

John Goodall, chief executive of buy-to-let lender Landbay, said: “With UK house price growth in November bucking the traditional pre-Christmas slowdown, the beginning of 2020 is looking rather promising for the housing market.

“The Conservative landslide has kicked off the new year with some much needed certainty, and even Brexit negotiations look set to turn a page in the coming months.

“As the year progresses, buyers and sellers alike are likely to feel more confident in the property market and looking forward, we expect an increase in transaction volumes.

“Optimistically, we may even see house price growth creep up to keep track with wage growth and inflation.”

Edwina de Klee, [artner at Edinburgh-based Garrington Property Finders, said: “Scotland’s property boom picked up speed in the run-up to the General Election, with the annual pace of price growth doubling between October and November.

“With such robust demand north of the border, Scotland’s lead over the English market is holding firm. At 3.5%, Scotland’s annual price inflation is double the 1.7% recorded south of the border.

“But no-one should rest on their laurels, and things have moved on since this November data was recorded. December’s General Election result is likely to affect the Scottish and English markets in different ways.

“While in England the Conservatives’ thumping victory has brought an end – for now – to political paralysis and lifted much of the Brexit uncertainty that held the market back for more than three years, Scotland’s path is less clear.

“The UK government’s formal rejection this week of Nicola Sturgeon’s call for a second Scottish independence referendum could put Holyrood on a collision course with Westminster.

“Meanwhile many regional markets in England are playing catch up, and while Scotland’s property market is continuing to flow freely, no-one should take its current momentum for granted.”