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January Sets a New Peak for House Prices

Average property prices reached an historical high in January after experiencing an annual increase of 3.1%, according to a new research.

Property Sales UK

Average property prices reached an historical high in January after experiencing an annual increase of 3.1%, according to a new research.

The report compiled by LSL Property Services and Acadata, revealed that property prices increased month-on-month by 0.3%, bringing the national average to a value of £300,169 – the highest amount ever recorded.


Greater London experienced the first rise in house prices in nine months, with the three months up to December recording an annual growth of 1.3%.


A strong performance at the end of 2016 saw the capital cease to be the UK’s lowest performing region, with the North East of England taking its place after experiencing an annual drop of 0.3% - the average price of a property declining by just £60.


All other regions continued to perform more strongly than Greater London, with the East on England topping the league once more, rising by 7.1% year-on-year.


The region was closely followed by the South East, East Midlands and North West of England, recording an upsurge of 4.9%, 4.5% and 3.9% respectively in December.


Hull, the UK’s City of Culture for 2017, achieved the highest annual growth in the country, achieving an increase of 16.8% and becoming the UK’s top performing local district. In the city, the average house price rose from £113,518 to £132,590.


Housing transaction numbers for January indicated a strong start to the year, said LSL and Acadata, with a total of 60,000 transactions completed in the first month of this year.


While below the 62,059 recorded over the same period in 2016, the figures show an increase of more than 2,000 transactions on the number achieved in January 2015.


Last week, the Royal Institute of Chartered Surveyors reported that rents are expected to outpace house price growth in the next five years, as demand continues to outstrip the supply.

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