UK average house prices grow 1.3% in January

UK average house prices grow 1.3% in January

house prices

New data on Wednesday from the Office for National Statistics revealed that house prices grew at a slower rate in January.

Average house prices in Britain rose by 1.3% over the year to January 2020, down from the 1.7% growth seen in December 2019.

The data from the Office for National Statistics is before the COVID-19 outbreak began in the UK.

Since then, the outbreak has developed significantly in the UK, with the government accelerating measures to help contain the spread of the illness.

Earlier this week, Boris Johnson addressed the nation and delivered strict social distancing rules to ensure people stay at home.

However, before the situation escalated, average house prices increased in England to £247,000, Wales to £162,000, Scotland to £152,000 and Northern Ireland to £140,000, the Office for National Statistics said.

House prices in London continue to be the most expensive, averaging at £477,000.

“Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England,” the Office for National Statistics said.

Commenting on the COVID-19 outbreak, the Office for National Statistics added: “During the coronavirus (COVID-19) outbreak, we are working to ensure that we continue to publish the UK HPI. The price collection for this publication has been largely unaffected.”

“As this situation evolves, we are developing several solutions to meet potential scenarios depending on the amount of data that is able to be collected by our data suppliers to ensure we are still able to produce the publication over the coming months,” it added.