House prices rose by 2.2 per cent to £234,742 in the year to December, the latest figures from the Office for National Statistics and Land Registry show.

Month on month, prices were 0.3 per cent higher than November, which saw annual growth of 1.7 per cent. 

At a country level, Northern Ireland saw the strongest growth, with prices up 2.5 per cent annually to £140,000.

England, Scotland and Wales all saw annual growth of 2.2 per cent to £252,000, £152,000 and £166,000 respectively.

Yorkshire and the Humber had the strongest growth of any region, with prices up by 3.9 per cent to £168,382, followed by the East Midlands where  prices rose by 2.8 per cent to £197,048.

The South East had the weakest growth with prices increasing by only 1.2 per cent to £325,050.

The UK Property Transactions Statistics for December 2019 showed that on a seasonally adjusted basis, the estimated number of residential sales of properties worth more than £40,000 was 104,670 – an increase of 6.8 per cent on the same month in 2018.

Housesimple online estate agency chief executive Sam Mitchell says: “The property market was tested last year, but despite the economic and political headwinds it managed to prove its resilience all the way through to December. 

“This positive sentiment has continued into 2020. 

“Buyers have flocked to the property market with more gusto thanks to the ‘Boris boom’ and greater clarity on Brexit. 

“The months of March to June are typically when we see a real boost in buyer activity, though this spring awakening appears to be starting a little earlier this year.”

He adds: “Ultimately, an imbalance between supply of properties and demand from buyers is what contributes the most to house price growth. “More buyers coming to the market increases demand so, unless the government introduces any real investment into home building initiatives in the upcoming Spring Budget, house price growth is here to stay.”

Bridging and commercial lender Market Financial Solutions’ chief executive Paresh Raja says: “The ONS is noted for being rather modest in its house price estimates when compared to other major indices like Halifax and Nationwide. 

“The fact it has recorded a notable rise in house price growth in December is positive news, demonstrating once and for all that demand for UK real estate is once again increasing.”