UK house prices fall by 0.6 per cent in annual terms in January

British house prices fell by 0.6 per cent on an annual basis in January, after a revised 2.2 per cent decrease in December, the Office for National Statistics (ONS) said.

Wednesday’s data contrasted with some other data which have shown house prices rose in January as demand picked up after an easing in mortgage costs and weaker inflation.

A slowdown in British consumer price inflation on Wednesday further bolstered investors’ expectations of a first interest rate cut by the BoE in August.

The ONS’s gauge of private rents rose by 9.0 per cent in the year to February – the biggest increase since records began in 2015 and up from 8.5 per cent in the 12 months to January.