House prices increased slightly in December

UK house price rose by 0.1% in December month-on-month as the market showed signs of easing, according to official Office for National Statistics figures..

The small uptick contributed to annual house prices in the 12 months to December falling by 1.4%, down rom November’s revised estimate of a 2.3% drop.

London is still seeing the steepest falls in the UK, with house prices down by 4.8% compared to a year ago, although the number was an improvement on the 5.5% fall recorded in the 12 months to November.

The capital is still the most expensive place in the country to buy a house with an average price of £508,000 in December. The average house price for the UK as a whole is £285,000.

The highest change in England in the 12 months to December was in the North West, where prices increased by 1.2%.

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But average prices in England fell by 2.1% over the year, and by 2.5% in Wales. Scotland saw a marked increase of 3.3%, with prices also rising by 1.4% in Northern Ireland, which is the cheapest place in the UK to buy a home.