Average house prices edge up in January 2018

• Falls recorded in London, the South East and the North East
• Three quarters of authorities still see annual increases
• Average house prices now £301,477
• Blackburn tops the league with house price growth at 9.4%

Despite average house prices in England and Wales being lower than they were in January 2017 (and down annually for the first time since March 2012), average prices continue to remain above the £300,000 mark – as they have done throughout 2017.

On a monthly basis house prices actually edged up in January – the first time they have done so following several months of declines. They increased by 0.2% (£455) to leave the average house in England and Wales worth £301,477.

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “The slowdown in London can now also be seen in the South East and North East. Time will tell if the rest of England and Wales remains resilient, but the increase in January will be seen by many as positive news and an indication of continued demand. And, with the focus on supporting those entering the property market – including the abolishment of stamp duty for first time buyers – we may see more movement in the market which should bring benefits for all.”

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Click here to read the House Price Index – January 2018 (England and Wales)

Data source: LSL Property Services