House prices increased by 0.6% in January, the seventh consecutive month of rises, according to the Halifax. However, January’s rise was the lowest during this period and was significantly below the 1.1% average over the previous six months.

Prices have risen by 9.9% since reaching a low in April 2009 an increase in the average price of £15,287 over this period. This follows a decline of 23% between August
2007 and April 2009. The average house price is now £169,777.

House prices in January were 3.6% higher on an annual basis. This is the largest increase in the annual rate of change – measured by the average for the latest three months against the same period a year earlier – since February 2008. The comparable rate a year ago was -17.2%

Martin Ellis, housing economist, said: “The marked reduction in interest rates over the past 15 months has