UK house prices rose two per cent for first-home owners in January compared to a year ago, new data from the Office for National Statistics (ONS) showed Tuesday.

House prices increased by 2.2% overall in the 12 months to January, reflecting a 2.4% increase in England and 0.9% incline in Wales.

Growth in England was driven by a 5.5% jump in London prices.

However, the overall climb in prices was down from a 3.3% increase in the year to December 2012.

In the year to January, prices fell by 0.2% in Scotland and by 5.4% in Northern Ireland, where house prices have been falling since February 2008.

On a seasonally adjusted basis, UK house prices fell by 0.7% between December 2012 and January 2013.

The average cost of a home in January was £234,000, the figures showed.

RD

Related share prices