Date issued: 29 Jan 2010
HOUSE PRICES MAKE A STRONG START TO 2010
- House prices rose by 1.2% in January and are up 8.6% year-on-year
- Recent economic data has been a mixed bag for the housing market
- Inflation uncertainties highlight interest rate risk
| Headlines |
January 2010 |
December 2009 |
| Monthly index * Q1 '93 = 100 |
330.5 |
326.4 |
| Monthly change* |
1.2% |
0.5% |
| Annual change |
8.6% |
5.9% |
| Average price |
£163,481 |
£162,103 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
“House prices strengthened their upward momentum at the start of 2010, increasing by a seasonally adjusted 1.2% month-on-month in January. The 3 month on 3 month rate of change – usually a smoother indicator of the near term trend – dipped slightly from 2.3% in December to 2.1% in January, but this primarily reflects the smaller price increases recorded in November and December.
“At £163,481, the average price of a typical UK property cost 8.6% more than a year earlier in January, up from 5.9% in December. Unless there is a fall in property values in February, annual house price inflation is likely to move into double-digit territory next month for the first time since May 2007.”
For further information please see our January 2010 report (PDF 60KB).
