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House prices rise at fastest annual pace for a January in 17 years

Prices increased by 11.2% year-on-year

Originally posted: 1st February, 2022

Housing demand remains "robust"

House prices have seen the fastest growth rate in January for 17 years, with “robust” demand and low supply, reports Nationwide.

Building society Nationwide said prices increased by 11.2% year-on-year and by 0.8% between December and January.

The average prices of a UK property was £255,556 in January 2022; that’s up from £254,822 in December.

Nationwide's chief economist, Robert Gardner said housing demand had remained "robust".

He said: "Mortgage approvals for house purchase have continued to run slightly above pre-pandemic levels, despite the surge in activity in 2021 as a result of the stamp duty holiday, which encouraged buyers to bring forward their transactions to avoid additional tax.

"Indeed, the total number of property transactions in 2021 was the highest since 2007 and around 25% higher than in 2019, before the pandemic struck.

"At the same time, the stock of homes on estate agents' books has remained extremely low, which is contributing to the continued robust pace of house price growth."

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