House prices were 4.7% higher in January than at the same time in 2009, according to Assetz House Price Watch, which compiles monthly average figures taken from all of the major house price indices. It claims this offers a more accurate picture of house price trends.
The average house price, ascertained from the five major UK indices, was £194,168 in January. This is a £8,669 increase on figures for January 2009 and represents 4.7% growth year-on-year. Average house prices are currently at the highest level since October 2008 (£194,735).
The latest figures also eliminate the slight fall in the average house price in December and suggest continued growth in 2010. House prices are now less than 10% (9.73%) below the peak house price of £215,089 recorded in October 2007.
While the UK continues to see positive growth, the rate of growth continues to slow. The three month rolling average data shows a current annualised growth rate of 2.28% compared to 4.29% last month. The six month rolling average data shows 5.94% annualised growth rate in January, down from 7.79% in December and a high of 11.93% in October 2009.
Stuart Law , chief executive of Assetz, said: “The latest Assetz House Price Watch shows that the monthly rate of house price growth slowed over Christmas but is now rising again. However
