London house price growth slows

Official figures reveal that the average UK house price increased by 6.3% in the 12 months to January 2023, down from 9.3% in December 2022. The Office for National Statistics found the average UK house price was £290,000 in January 2023, which was £17,000 higher than 12 months earlier. House prices in the capital remain the most expensive of any region in the UK, with the annual increase of 3.2% in January taking the cost of a home to £534,000 on average. Meanwhile, private rental prices in London increased by 4.6% in the 12 months to February 2023, accelerating from a 4.3% rise in the 12 months to January 2023. The average UK house price recorded a monthly fall of 0.6% in January 2023, following a 0.4% drop in December 2022. ONS head of housing market indices, Aimee North said: “Annual house price inflation, measured using final transaction prices, slowed again in January, consistent across all nations and regions. UK rental prices continued to climb, with the strongest growth since records began in 2016. The surge in London's rents remained evident with the highest annual percentage increase in over a decade.” 

Daily Mail (22/03/2023)   Evening Standard (22/03/2023)   The Independent (22/03/2023)