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House prices show sharp increase House prices show sharp increase
(about 4 hours later)
The average price of a home in the UK surged in January, according to figures from the Department for Communities and Local Government (DCLG).The average price of a home in the UK surged in January, according to figures from the Department for Communities and Local Government (DCLG).
It says average prices were rising by 10.9% a year in January, up from 9.9% in December. The findings are in line with other recent surveys.It says average prices were rising by 10.9% a year in January, up from 9.9% in December. The findings are in line with other recent surveys.
The increase took the average property price in the UK to £205,286.The increase took the average property price in the UK to £205,286.
Between December and January there was a substantial 2.1% rise in UK property prices, the DCLG added.Between December and January there was a substantial 2.1% rise in UK property prices, the DCLG added.
Overall, the average property price increased by about £4,000 in the month of January alone.Overall, the average property price increased by about £4,000 in the month of January alone.
Regional growthRegional growth
Northern Ireland saw the strongest year-on-year price growth.Northern Ireland saw the strongest year-on-year price growth.
Annual house price inflation is currently running at a startling 42.5% in Northern Ireland.Annual house price inflation is currently running at a startling 42.5% in Northern Ireland.
The region is experiencing high house price growth as part of a peace dividend, experts have suggested.The region is experiencing high house price growth as part of a peace dividend, experts have suggested.
Scotland and Wales saw the pace of price inflation also pick-up between December and January.Scotland and Wales saw the pace of price inflation also pick-up between December and January.
In Scotland annual house price inflation rose from 15.2% to 15.9%, in Wales the rate increased from 9.1% to 10.2%. In Scotland, annual house price inflation rose from 15.2% to 15.9%, while the rate increased from 9.1% to 10.2% in Wales.
Meanwhile, in England, buoyed by strong growth in the capital, annual house price inflation rose from 8.9% in December to 9.9% in January.Meanwhile, in England, buoyed by strong growth in the capital, annual house price inflation rose from 8.9% in December to 9.9% in January.