House prices rise by 0.4% as property market picks up
Data has been released by the Halifax
House prices increased by 0.4% month on month in January, but it is too early to say whether the property market has turned a corner, according to an index.
Across the UK, the average house price was £240,054, marking a 4.1% annual increase, Halifax said.
It was the strongest annual increase since a 4.3% uplift in February 2018.
Russell Galley, managing director, Halifax, said: "House prices kicked off the year with a modest monthly increase, rising by 0.4% in January following the stronger gains of 1.8% and 1.2% seen in December and November respectively.
"As a result, annual growth remained relatively stable at 4.1%, up just a fraction from the end of 2019."
Mr Galley said there are several signs of a pick-up in the housing market, including more buyer and seller activity which is consistent with a reduction in uncertainty in the UK economy.
He added: "However, it's too early to say if a corner has been turned.
"The recent positive figures may actually represent activity that would ordinarily have been expected to take place last year, but was delayed by economic uncertainty.
"So while housing market activity has undoubtedly increased over recent months, the extent to which this persists will be driven by housing policy, the wider political environment and trends in the economy.
"Looking ahead, we still expect a moderate rate of house price growth over the course of the year."
Published: by Radio NewsHub