House price growth slows in Jan - Halifax

The slight increase of 0.6% brings the average cost of a home in the UK to £169,777. Although January's rise was smaller than in recent months, year-on-year house prices spiked at 3.6% last month and were 9.9% above the low reached in April 2009. Halifax housing economist Martin Ellis says: "The marked reduction in interest rates over the past 15 months has, from a low base, boosted housing demand from those with a sufficient deposit to enter the market. "Increased demand has combined with a low supply of properties available for sale to push up prices." However, the increasi...