House prices rose by 2.1 per cent in January - Mortgages - News - Moneyfacts

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House prices rose by 2.1 per cent in January

House prices rose by 2.1 per cent in January

Category: Mortgages

Updated: 26/02/2010
First Published: 26/02/2010

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House prices increased again in January and have risen by more than five per cent in the last 12 months, figures from the Land Registry have revealed.

The positive January change of 2.1 per cent in the average price of a home in England and Wales is the eight month in succession that the index has registered an increase.

Since January 2009, the value of property has recorded a rise of 5.2 per cent.

"While not all regions are recovering at the same rate, it is clear that overall prices are increasing," said the Land Registry.

Somebody purchasing a home in the UK can now expect to pay a figure of £165,088 on average.

On an annual basis, the region that registered the most significant improvement was London, at 10.5 per cent. January marked the fourth month in a row of positive annual house price changes in the capital.

The 3.9 per cent monthly improvement in property values in London means that prices are now just five per cent away from their 2007 peak, according to the Royal Institution of Chartered Surveyors.

Househunters looking for a London property can expect to pay just over £336,000, figures show.

The West Midlands, South East, South West, East, Wales and Midlands have all shown monthly and annual gains. By contrast, the North West, Yorkshire & The Humber and North East have all seen values fall on a monthly and annual basis.

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