Wales leads January house price surge

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House prices climbed across the country last month, with those in Wales now climbing at an average rate of over 2 per cent, HM Land Registry has reported.

Its latest figures show an annual rate of price increase of 8.4 per cent in Scotland,   10.7 per cent in Wales, 5.3 per cent in Northern Ireland and 8.5 per cent across the UK as a whole. The result is an average house price of £162,983 in Scotland, £184,195  in Wales and £251,500 across the UK as a whole

After slight falls in December, monthly rates of increase for January were 1.2 per cent in Scotland, 2.3 per cent in Wales and 1.2 per cent across the UK.

In Scotland, detached houses showed the biggest increase out of all property types, rising by 9.9 per cent in the year to December 2020, rising to an average of £285,000. The smallest average house price change of all property types was in flats and maisonettes, where prices were up by 7.3 per cent in the year, rising to an average of £116,000.

The largest increases were in East Ayrshire where prices increased by 17.9 per cent in the year, rising to an average of £111,000. However, in City of Aberdeen average prices fell over the year by 2.1 per cent to £143,000.

In Wales, all 22 local authority areas showed an average annual increase in house prices. Blaenau Gwent showed the strongest growth, rising by 16.3 per cent to £109,000 in the year to December 2020. In contrast, Merthyr Tydfil showed the slowest growth in the year to December 2020, at 0.2 per cent with the average house prices at £119,000.

Of all property types, terraced houses showed the biggest annual growth, rising by 11.4 per cent, to £144,000. The lowest annual change of all property types was for flats and maisonettes, with an increase of 8.0 per cent to an average £125,000.

In England price growth was strongest in the North West where they shot up by 11.2 per cent in the year to December 2020. The lowest annual growth was in London, where prices increased by 3.5 per cent.