Reported by MARC DA SILVA Property Industry Eye
Average UK house prices decreased 0.6% in the 12 months to January, to £282,000, representing an easing in the pace of decline, fresh data from the Office for National Statistics (ONS) showed yesterday.
Meanwhile, private rents rose at their fastest annual pace last month since comparable records began in 2015, the figures revealed.
The ONS reported a leap of 9% over the 12 months to February in a provisional estimate, up from the 8.5% annual rate seen in January.
The upwards pressure on rents has come in part from the widening supply-demand imbalance.
Industry reactions:
Iain McKenzie, CEO of The Guild of Property Professionals, remarked: “Now that the dust has settled, we can see that last year was not as disastrous for the property market as analysts had feared.
“An annual fall of 0.6% is a modest readjustment in prices that was overdue after a period of significant growth during the pandemic years.
“This will come as welcome news to sellers that may have been cautious about putting their house up for sale.
“It is clear that while there has been some volatility in house prices over the past year, now is still a good time to buy. Rental prices have not had the chance to catch a breath and continue to climb despite the financial pressures facing households.
“If you are looking at getting yourself on the ladder, the best people to advise on what you should expect to pay would be at your local estate agent. They will also be able to tell you how much the average rent prices are in your area so that you can tell if you are overpaying for what you have.”
