House prices jump by £24,000 over the year according to ONS

House prices jump by £24,000 over the year according to ONS
Average house prices increased by 9.6% over the year to January 2022, bring the average UK house price to £274,000, up £24,000 compared to January last year.

Average prices are highest in England, according to latest data from the Office for National Statistics, with prices having risen 9.4% over the year to January to £292,000. However, Wales saw the sharpest increase in prices, with the average cost of a property reaching £206,000, up 13.9% over the year.

Average prices in Scotland and Northern Ireland rose by 10.8% and 7.9% respectively, with the average cost of a property in Scotland at £183,000 and £159,000 in Northern Ireland.

Despite these sharp increases, house price growth overall in the UK was lower than the 10% recorded in the year to December 2021.

House prices have been supported by low mortgage rates and a limited supply of properties for sale, combined with strong buyer demand. Many people have re-evaluated where they want to live over the past couple of years, following lockdowns due to the pandemic.

House prices by region

Although London is the area with the highest average house prices in the UK, it remains the region with the lowest annual house price growth.

Average prices increased by 2.2% over the year to January 2022, down from 5.1% in December 2021. The average price of a property in London currently stands at £510,000.

The East Midlands was the region with the highest annual house price growth, with average prices up 11.6% in the year to January 2022. This was closely followed by the East of England, where prices were up 11.5% in the 12 months to January.

The North East continues to have the lowest average house price at £151,000.

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