House Prices up 1.7% in January

House prices across the UK have risen by 1.7% in January, according to Halifax’s House Prices Index.

According to the index the average UK house price is now £212,430.

The index also says house prices have risen 9.7% in the twelve months to date, and 2.2% over the last three months, a slight increase over the 2.0% gained in the previous three months.

Confidence in the housing market also remains high, with the majority of people still believing house prices will continue to grow over the coming twelve months.

It comes not long after the Royal Institute of Chartered Surveyors announced housing stock was at a new record low in their monthly housing report.

Martin Ellis, Halifax housing economist, said: “House prices in the three months to January were 2.2% higher than in the previous three months. This was higher than in the two preceding months when this measure was below 2.0%.

“The imbalance between supply and demand continues to exert significant upward pressure on house prices. This situation looks set to persist over the coming months. Further ahead, increasing affordability issues, as price increases continue to exceed wage growth, are likely to curb housing demand and cause price growth to ease.”

Today's Conveyancer