24 Mar 2021
The latest data published by the Office for National Statistics (ONS) showed that house prices in Britain stayed on an upward trend heading into 2021, rising 7.5%.
However, this is a marginal fall against the previous month by 0.5%.
The ONS stated that on a regional level, average house prices rose in England over the year to £267,000 (7.5%), in Wales to £179,000 (9.6%), in Scotland to £164,000 (6.9%) and in Northern Ireland to £148,000 (5.3%), says a report by Property Reporter.
The highest annual growth in average house prices in England was in the North West, rising 12.0%, with the lowest in the West Midlands, at 4.7%.
According to the data out on Wednesday, the average house price was £249,000 in January this year – an increase of £17,000 over January 2020.
Cloe Atkinson, managing director, Mortgage Engine said of the figures: “The rise in house prices in January reflects a busy start to the year for the market, which has been made busier by the recently extended Stamp Duty holiday.
“The figures are also further proof that the housing market has adapted fully to operating during the pandemic, even in lockdown conditions. Brokers and lenders are handling record levels of activity, while also managing tough lockdown restrictions and a rise in the number of borrowers affected financially by the virus,” she added.
In addition, other measures of the UK housing market have also shown a rise in property prices after the onset of the coronavirus crisis last year, Reuters reports, bolstered by a rise in demand for larger homes and the Chancellor’s tax cut for buyers.
Rob Barnard, Director of Intermediaries at Masthaven said: “The UK housing market continues to prove resilient, with the latest data from the ONS showing that the average house price increased once again in January. The market has been on a steady upwards trajectory since the end of the first lockdown and this most recent data from January demonstrates that the industry has learned to operate effectively during lockdown, adapting thanks in part to tech tools, such as remote valuations and remote viewings.”