Average house prices spike at record high in England

Average house prices stood at £192,000 in January, the ONS has reported.

The figure brings annual house price inflation to 7.9%, while average house prices moved up 0.9% on a monthly basis.

The annual rise was driven by increases in the south-east of 11.7%, in London of 10.8% and in the east by 9.8%.

Excluding London and the south-east, the average UK house price was £218,000 and average UK house prices increased on an annual basis by 5.1%.

Average house prices in January stood at a record high of £306,000 in England, £174,000 in Wales, £195,000 in Scotland and £153,000 in Northern Ireland.

In London, the average house price was £551,000.

The north-east had the lowest average house price at £156,000.

But why don’t the UK’s official figures on inflation include house prices? We’ve had a stab at this in another story today.

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