England and Wales annual house prices fell in January, while transactions remained at the lowest levels of the last 17 years.
However, house prices saw a slight increase over the month, rising by £620 (0.2%) to reach a level last seen in February 2022. This marks only the second time in the past 15 months that prices have grown by more than 0.1%.
The three areas with an overall positive change in growth rates were the North East, Greater London and the South West. In December, for the fourth month in succession, the North East has the highest there
Commenting on the latest numbers e.surv director Richard Sexton said: “Our own experience is that market sentiment is improving. The combination of better news with regard to mortgage approvals in December and the holding of the bank base rate at 5.25% will encourage buyers.
“We, of course, have a budget in less than a month’s time and all parties are looking at how they can better support the housing market. Housing remained fifth in the Ipsos Mori issues index, but its score edged upwards, suggesting that it is becoming more important to voters and this may be significant when it comes to the allocation of any public investment decisions.”
