Average UK house price stands at £274k, a £24k annual increase
The average UK house price hit £274,000 in January, a £24,000 uplift compared to the year prior.
Average house prices increased 9.6 per cent over the year to January, a dip from 10 per cent in December 2021, according to the latest official statistics.
London continues to be the region with the lowest annual growth at 2.2 per cent, the Office for National Statistics’ house price index revealed on Wednesday.
Lawrence Bowles, director of research at Savills, said: “By way of context, median annual earnings were £31,285 in 2021. This means that the increase in value of the average home was 77 per cent of total average gross earnings.”
Jason Tebb, CEO of property search website OnTheMarket.com, said: “Although this data is somewhat historic, it confirms what the market was witnessing as the year began, high levels of demand from buyers, combined with limited stock, further pushing up prices, albeit at a slower pace than in December.
“Of more interest now is how the housing market is faring as spring really gets underway. Stock levels are increasing but still not fast enough to satisfy pent-up demand from buyers. Speculative sellers coming to market now may well find considerable competition for their homes from highly motivated buyers keen to move and take advantage of low mortgage rates while they can.”