Good news for anyone wishing to sell their house as prices rose for the fourth consecutive month in December.

Figures from Nationwide showed the cost of an average home in the UK hit £269,426 last month, a rise of 0.7% on November and up 4.7% year-on-year.

All regions in the country saw an increase with the average house price in the West Midlands in Q4 at £245,173, an uplift of 4.7%. In the East Midlands the average price was up 4.4% to £235,877.

The value of a typical UK home increased by almost £12,000 between December 2023 and December 2024, going from £257,443 to £269,426.

Nationwide predicts a jump in transactions in the first three months of this year ahead of the government’s changes to stamp duty in England and Northern Ireland from March. It said there would be a “corresponding period of weakness” in the following three to six months as a result of the stamp duty changes.

Nationwide’s figures also show terraced houses saw the biggest percentage rise in prices over the last year, up an average of 4.4% in 2024.

Flats saw a recovery in price growth, recording their best year since 20221 with a 4% rise. Semi-detached properties recorded a 3.4% annual increase and detached homes saw a 3.2% year-on-year rise.

Looking at the longer term, detached homes continue to have an edge over other property types. Since Q1 in 2020, the price of an average detached property has increased by nearly 27% with flats only rising by about 15% over the same period.

Sheldon Bosley Knight associate director and regional sales manager, Lara Hawkins said the figures showed a positive end to 2024

She said: “It’s news some won’t be expecting given the turbulent economic and political year we have had.

“The coming change in stamp duty for first time buyers should help keep the market buoyant during the first quarter of 2025 and I am hoping that stability will be the catch phrase for 2025.

“This will keep the Bank of England happy, interest rates can then settle and a steady stronger market should be the result.

“I’m looking forward to helping the buyers and sellers who really want to move in 2025 and this news should certainly help people feel confident to make that step.”