Annual house price growth lags behind 2016 average

Helen Cahill
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House price growth has been slowing over the past year (Source: Getty)

House price growth in the UK was 6.2 per cent in the year to January, higher than the growth recorded in December last year, but still below the 2016 average of 7.4 per cent.

Read more: There are 10 buyers for every property, propping up house prices

The average house price in January was £218,000, up by £13,000 from the year before, and £1,000 higher than December's average, according to data from the Office for National Statistics.

In London, however, the average house price came in at £491,000.

Russell Quirk, chief executive of eMoov, said house price growth was recovering from a "seasonal lull towards the end of last year".

Read more: A third of first-time buyers now spend half a decade saving for a home

"This continued growth does hinge on next Wednesday’s triggering of Article 50 however," he said. "Although many predict an apocalyptic end to the world, there is also a chance it will further stabilise the market as the current period of Brexit limbo experienced since last June will finally come to a close."

House price growth in December was 5.7 per cent, but commentators are debating whether the uplift in January is a true return to form for the market.

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