Halifax announce 1.9% increase in house prices.
This is the first increase in house prices in ten months, putting the average UK house price at just over £163,000 – more than £4,000 higher than at the end of December.
However, the annual rate of change, measured by comparing the average for the latest three months against the same period a year earlier, shows year-on-year falls increased to 17.2% in January from 16.2% in December.
Martin Ellis, housing economist at Halifax, said: “It is always important not to place too much weight on any one month’s figures. Historically, house prices have not moved in the same direction month after month even during a pronounced downturn.
Estate agents have reported an upturn in interest from new buyers, spurred on by falling interest rates and more affordable homes.