Liquid error: wrong number of arguments (2 for 1) UK house prices up 6.8% in January | Marsh & Parsons Sales and Lettings Estate Agents London

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UK house prices up 6.8% in January

Tue 25 Mar 2014

UK house prices up 6.8% in January

The average UK house price in January was 6.8% higher than a year ago, new ONS figures suggest.

That is 1.3% ahead of the year-on-year rise of 5.5% recorded in December.

Taking out the post-Christmas house sales rush, however, the ONS estimates that the seasonally adjusted rise was only 0.6%.

Once again London led the way with a 13.2% rise, although prices also rose by 7.1% in the South East and 5.3% in the West Midlands.

But excluding London and the South East, house prices rose by 3.8% - a fact that Brian Murphy, head of lending at the Mortgage Advice Bureau, to claim that talk of a house price bubble was misplaced.

He said: Its crucial to remember that prices are rising from record lows brought on by the recession. The property market in London has always run by its own rules and is not representative of the country as a whole.

Peter Rollings, chief executive at estate agency chain Marsh & Parsons, pointed out that house prices in London are now three times what they are in Newcastle.

He said: Unwavering demand from UK and overseas buyers is a key ingredient behind this rate of growth, and prime London property continues to be a Mecca for property investment. And with pensioners now freed from the

shackles of annuity, the buy-to-let market could become a Holy Grail for retirement.

Prices paid by first-time buyers were up by 7.6%, while owner occupiers saw a 6.5% rise.

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