UK house prices 6.2 per cent higher than in January 2009

Annual house prices rose in all UK countries except Northern Ireland in the year to January 2010. Annual house price growth was 6.6 per cent in England, 1.3 per cent in Wales and 7.1 per cent in Scotland in January whereas in Northern Ireland house prices fell by 13.7 per cent on average in the year to January.

The key points from the release are:

– UK house prices were 6.2 per cent higher than in January 2009 and 2.2 per cent higher than in December 2009 (seasonally adjusted).

– The mix-adjusted average house price in the UK stood at £207,159 in January 2010 (not seasonally adjusted).

– UK house prices rose by 4.8 per cent in the quarter ending January 2010. This compares with a smaller rise of 2.3 per cent for the quarter ending October 2009 (seasonally adjusted).

– Annual average house prices rose in England (6.6 per cent), Scotland (7.1 per cent) and Wales (1.3 per cent), but fell in Northern Ireland (-13.7 per cent).

– Annual average house prices paid by first time buyers in January 2010 were 8.9 per cent higher than a year ago. Average house prices paid by former owner occupiers were 5.2 per cent higher.

– Annual average house prices paid for new properties in January 2010 were 2.1 per cent lower than a year ago. Average house prices paid on pre-owned dwellings were 6.8 per cent higher.

Commenting on the statistics, Nigel Lewis, property expert at FindaProperty.com, said:

"These figures give more weight to the fact that the market is improving and house prices really are on the up. But caution should be the watchword. In many areas this growth is being driven largely by a lack of houses for sale. This is particularly acute at the top end of the market where home movers with large deposits are embroiled in bidding wars to secure the few properties available to them."

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