House prices move on in January | Money | guardian.co.uk

House prices move on in January | Money | guardian.co.uk

House prices in England and Wales rose by 0.6% in January, according to Halifax, but the lender said low interest rates has led to little movement in prices for eight months.

The average price of a home fell by 0.9% over a rolling three-month period as the Bank of England held interest rates at a record low of 0.5%, supporting demand for housing, and was down by 1.8% year-on-year. The average price of a house in January was £160,907.

Earlier this month rival lender Nationwide reported that prices dropped by 0.2% in January, but were up by 0.6% year-on-year. It put the average price of a UK house at £162,228 and suggested house prices would move "sideways or only modestly lower in the months ahead".