House prices rise in January

House prices rose by 0.5% in January, with new-build homes leading the recovery. The average home value decreased by 0.6% compared to the previous year. The Office for National Statistics (ONS) data shows a significant price growth of 8.8% for new builds and a 2.4% annual drop for other properties. The typical home is selling for £282,000 as of January, which is £2,000 lower than 12 months ago. London experienced the largest monthly increase in prices at 2.5%, while the South West of England and Scotland also saw rises. However, prices fell in several UK regions, including in the East Midlands where prices fell 1.4% and in the North East where prices fell 1.75. The market shows signs of recovery, boosting buyer appetite and new-build sales. 

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