According to the latest House Price Index from the Government, we continue to see an annual increase in average house prices in the UK.
UK average house prices increased by 9.6% over the year to January 2022, down from 10.0% in December 2021. The average UK house price was £274,000 in January 2022, which is £24,000 higher than this time last year, with the average house price increased over the year in Scotland to £183,000 (10.8%).
Andy Sommerville, Director at property data insight and technology provider Search Acumen, comments: “The increase in property prices across the UK can be attributed to the gap in demand and levels of stock in the market. The solid momentum in prices has put homeowners looking to move in a strong position to sell for a premium. As we look ahead to the spring, we can expect to see a wave of newly listed properties to the market, which could contribute to the easing of house price growth.
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