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24.03.2021, 10:19

UK house price inflation slows from 4-1/2 year high

According to the report from the Office for National Statistics, UK average house prices increased by 7.5% over the year to January 2021, down from 8.0% in December 2020. 

The average UK house price was £249,000 in January 2021; this is £17,000 higher than in January 2020.

On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.5% between December 2020 and January 2021, compared with an increase of 0.1% in the same period a year ago.

On a seasonally adjusted basis, average house prices in the UK were unchanged between December 2020 and January 2021, following an increase of 1.0% in the previous month.

Average house prices increased over the year in England to £267,000 (7.5%), 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 which saw the highest annual growth in average house prices (12.0%), while the West Midlands saw the lowest (4.7%).

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