UK house inflation slows in January, rental price growth eases

(Sharecast News) - UK house price growth slowed slightly in December, according to data out on Wednesday from the Office for National Statistics, while upwards pressure on rents also eased. Prices averaged £270,000 across the UK in December, up 2.4% from 12 months earlier, easing from the four-month high growth rate of 2.8% seen in November.

Average prices rose 1.7% year-on-year in England to £292,000, were up 5.0% in Wales to £215,000 and gained 4.9% in Scotland to £191,000.

Across major English regions, London continued to be the only region to see prices fall year-on-year (-1.0%), while the North continues to see strong growth: the North East, North West and Yorkshire and the Humber recorded annual increases of 4.6%, 4.5% and 3.3%, respectively.

Meanwhile, average UK monthly private rents were up 3.5% year-on-year at £1,367 in January, slowing from the 4.0% growth seen the month before.

Average rents increased 3.5% to £1,423 in England, 5.8% to £826 in Wales, and 2.6% to £1,021 in Scotland.