Annual house price inflation was at its lowest in a decade last month, but house prices are rising steadily, according to new figures.
The average price for property in Britain grew from £195,183 in December 2005 to £195,697 in January this year, figures from the latest FT house price index compiled by Acadametrics reveal.
This represents a change of 0.3 per cent monthly. Despite this, the annual house price inflation rate in January was 1.8 per cent – down from 2.2 per cent the month before.
Property price inflation has been steadily declining since July 2005 when it stood at 5.2 per cent.
"UK house prices continue to move on a smooth and steady path. Our index has increased by an average of 0.2 per cent a month for the last six months (or around 2.4 per cent annualised)," said Gary Styles, chief economist and chairman of Acadametrics.
"These small positive gains in house prices are very consistent with the rise in mortgage activity and housing transactions seen in recent months," he added. To read more Property News, click here.
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