House prices up 0.8 per cent in January

UK house prices rose by a slim 0.8 per cent in January compared with the previous month, according to figures from the Halifax.

But the lender said prices had fallen 2.4 per cent compared with a year earlier.

According to the figures the typical home in the UK now costs £164,173.

"We expect limited movement in house prices overall this year. There are, however, likely to be some monthly fluctuations with the risks on the downside," said Halifax's housing economist Martin Ellis.

"The prospects for the market in 2011 are closely aligned with the performance of the wider economy. Consumer confidence has fallen recently, partly as a result of nervousness about the economic outlook."