UK and London house prices: More proof of a property market slowdown in latest Land Registry figures
House prices continued to rise at a slower rate than last year - another sign the property market is losing some steam.
In January, house prices were up 1.3 per cent on December, however, year-on-year growth of 6.7 per cent for the first month of 2015 signalled a slowdown compared to December when annual growth was seven per cent.
It's the fifth consecutive monthly decline in house price growth.
The average house in the UK now costs £179,492, according to the latest Land Registry figures.
In London, house prices declined 0.2 per cent on December, with the average property in the capital falling to £458,283 from £464,936 at the end of 2014.
Annual growth came in at 12 per cent for January - the biggest rise in the UK, but a 12-month low for the capital.
IHS analyst Howard Archer said: "We suspect that the weakening of housing market activity is now bottoming out and we see it picking up to a limited extent in 2015 from current levels."