UK house prices are growing at their fastest rate in almost seven years, according to property company Rightmove, but those in London are starting to level out after a few years of explosive growth.
Rightmove said houses across the country listed on its website were priced 1% higher in January than in December, with the average asking price for this month standing at £243,861.
It’s also worth noting that the number of homes for sale is at its lowest level since 2007, according to Rightmove’s data, helping to push up prices nationwide.
The January price increase compares with an average 0.2% fall in UK house prices typically seen in January, according to the past 10 years of Rightmove data.
But it’s not London that’s driving up those prices, as we’ve seen over the past couple of years. Certain other regions are powering ahead.
Yorkshire and Humberside, for example, has seen a 4.5% asking-price growth over the past month.
That compares with just 0.2% growth in London – some 22.5 times less than in England’s northernmost region.
London house prices have levelled out in the recent months, since exploding by 10% in the month of October alone.
Rightmove forecast in December that house prices would grow 8% across the UK in 2014, but only 6% in London.