Official figures from the ONS reveal that the average house price fell by £1,000 in January, from a record high the previous month. The average property value across the country in January stood at £249,000. However, the average house price was still £17,000 higher than in January 2020. UK average house prices increased by 7.5% over the year to January, compared with an 8% increase in December. Average house prices increased over the year in England to £267,000 (a 7.5% annual increase), in Wales to £179,000 (9.6%), in Scotland to £164,000 (6.9%) and in Northern Ireland to £148,000 (5.3%). The North West was the English region with the highest annual growth in average house prices, recording a 12% spike, while the West
Midlands had the lowest growth of 4.7%. Prices in London rose 0.1% in January to reach £501,320, representing an annual rate of increase of 5.3%.