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The average price for a house in the UK rose slightly in January, according to the Office for National Statistics on Wednesday.
On an annual basis, the ONS UK house price index rose by 9.6% in January, slowing from a 10.0% rise in December.
London continued to be the region with the lowest annual growth at 2.2% in January, slowing sharply from 5.1% in December.
The ONS said the UK average house price for January was £274,000, up marginally from £273,000 in December.
‘Despite the slight uptick in house prices, it still seems inevitable that a slowdown and subsequent fall in house prices is on the horizon given the current fiscal pressures we are facing,’ said Quilter's Karen Noye.
‘Many people are already feeling the squeeze financially due to soaring inflation and the rising cost of living, leaving many feeling less financially stable than they were before. Lenders are quick to pass on any rate rise to customers, so the increased costs will likely put off prospective buyers and buying a new home or taking the first step onto the property ladder will be pushed out of reach for many. As a result, we could see house prices dip over the coming months,’ Noye added.
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