UK house prices rise 0.5% in January

The price of a typical home rose by 0.5% in January, but was unchanged compared with January 2012, according to the latest data from Nationwide.

The typical UK home is now worth £162,245.

Robert Gardner, Nationwide’s Chief Economist, said: “UK house prices increased by 0.5% in January, though prices were unchanged compared with January 2012.

“While activity in the housing market remains muted by historic standards, there have been tentative signs of a pick-up in activity in recent months.

“The Funding for Lending Scheme has achieved some success in bringing down mortgage rates, with some signs of a pick-up in lending activity.

“Hopefully, the momentum will continue to build in the months ahead, though much will depend on whether the wider economic environment improves. Progress is likely to be relatively slow on that front if recent trends are any guide, with the UK economy shrinking for the fourth time in five quarters in Q4 2012.”

Richard Gordon of UKPI commented on the figures: “2013 has certainly got off to a positive start. There is generally more optimism around and activity levels are higher.

“Whether this will be sustained through out the year will remain to be seen and will largely depend on wider economic factors. But it is clear the demand is there and now it seems for many is the willingness and ability to commit to a purchase.”

Source: Nationwide
 
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