House price increase a’ surprise’

Prices in England and Wales rose by a “surprising” 1.1 per cent in January to average £161,545, with monthly rises recorded for every region except the North West, according to Land Registry sales figures.

London, which has had strong overseas buyer interest, recorded a 2.5 per cent monthly house price increase to reach £351,305, the biggest regional rise.

In contrast, North West saw house prices fall by 2.1 per cent to average £109,866.

The North East saw the second biggest month-on-month increase, with a 2.2 per cent rise, but recorded the biggest year-on-year fall at 4.5 per cent to reach £102,066.