It seems that when it comes to UK house market, the year is not the only one major thing changing; the prices are changing, too, and there is no stopping it.
As early as this month, a 0.8 percent has already been recorded compared to last month's 0.1 percent, according to BBC News. This year, an increase of 4.5 percent has occurred and in the UK the average price of a property is now pegged at £196,999.
A separate report released by Land of Registry for England and Wales had noted that prices increased 5.6% in the year to November and added that the average price of a house or flat was £186,325.
For the fifth consecutive year, London remains strongest performing region with average prices up 12% compared with a year ago, BBC adds based on a report done by Nationwide.
Off all the markets in UK, Scotland was the only one with decreasing house prices, and record shows that it is down by at least 1.9 percent in the last three months compared to what it was a year ago.
Over all, according to Nationwide, prices are around 7% higher across UK.
Robert Gardner, Nationwide's chief economist, made a forecast that the prices would continue to increase albeit at a modest pace and added that, "Further healthy gains in employment and rising wages are likely to bolster buyer sentiment, while borrowing costs are expected to rise only gradually. However, the main concern is that construction activity will lag behind strengthening demand, putting upward pressure on house prices and eventually reducing affordability."
In addition, he said that there would be a house price growth nationally next year and it will be between 3 and 6 percent. Perhaps the good news about all these is the fact that employment rate has seen growth in the region as well.
Gardner added, "The gain in employment in London is particularly striking, with the number of people in employment up 14% compared to the pre-crisis period."
Although he did issue a warning, that the average house prices would "be constrained by more stretched house prices to earnings ratios, tighter checking of prospective mortgage borrowers by lenders and the probability that interest rates will start rising gradually during 2016."
