UK house prices up by 1.3% in year to January

House prices in the UK increased by 1.3% in the year to January 2020, down from the 1.7% reported in December, new data from the Office for National Statistics (ONS) revealed.

On a non-seasonally adjusted basis, however, the latest UK House Price Index for from the ONS found that average house prices in the UK decreased by 1.1% between December 2019 and January 2020, compared with a fall of 0.6% during the same period a year earlier.

In England, the ONS data showed the West Midlands experienced the greatest monthly price rise, where prices were up by 0.4%, while the North-East saw the most significant monthly price fall – down by 2.6%.

Yorkshire and the Humber saw the greatest annual price rise, of 3.1%, while the East of England saw the lowest annual price growth, where prices saw a fall of 0.6%.

At the country level, the ONS recorded the largest growth in Northern Ireland, where annual prices increased by 2.5% over the year to the fourth quarter – between October and December. England’s house prices increased by 1.1% in the year to January 2020, Scotland’s saw an increase of 1.6% over the previous 12 months, while Wales saw an increase of 2.0% in the year to January.

The overall annual price change brought the average price of a UK property in January to £231,185.

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