House prices hit all time high - see how your region stacks up with full list areas

UK location prices accrued by 0.7% month-on-month successful January to scope a caller grounds mean high. (Image: Getty)

UK location prices roseate 0.7% month-on-month to deed a caller tallness of £299,138, according to the Halifax house price index.

The summation followed a monthly dip of -0.2% during December and meant yearly maturation eased somewhat to 3.0% compared to 3.4% the erstwhile month.

House prices successful Northern Ireland roseate the most, 5.9% implicit the year, portion Scotland astatine 2.4%, London astatine 2.8% and the South East astatine 2.9% each experienced much restrained growth.

Amanda Bryden, caput of mortgages, Halifax, said the UK lodging marketplace started the twelvemonth positively.

She said: "This summation pushed the mean spot terms to a caller grounds precocious of £299,138. However, yearly maturation slowed to 3.0%, the slowest complaint since past July.

"Affordability is inactive a situation for galore would-be buyers, but the market's resilience is noteworthy."

Bryden said a hike successful stamp work this April whitethorn mean immoderate of the request had travel from first-time buyers anxious to implicit transactions earlier the extremity of March.

"Despite geopolitical uncertainties and waning user confidence, different cardinal indicators look reasonably affirmative for the lodging market.

"The Bank of England has made its archetypal basal complaint chopped of the year, and determination are astir apt much to come. Household net are expected to proceed outpacing ostentation - albeit that spread whitethorn constrictive - easing immoderate of the fiscal unit inactive being felt from the cost-of-living squeeze.

"As things stand, mortgage rates are apt to hover betwixt 4% and 5% successful 2025, influenced by some planetary fiscal markets and home monetary policy."

Experts said the deficiency of lodging proviso was apt to support location prices buoyant for now.

Holly Tomlinson, a fiscal planner astatine Quilter said said the Bank of England's determination to chopped interest rates to 4.5% would easiness affordability "and possibly springiness much radical the impetus to particulate disconnected immoderate antecedently shelved location buying plans".

Iain McKenzie, main enforcement of the Guild of Property Professionals, said: "The determination to chopped the interest rate should further amended affordability, widening the purchaser excavation and sustaining terms maturation to immoderate degree.

Tom Bill, caput of UK residential probe astatine Knight Frank, said that proviso had risen much than request successful 2025, "which should support downwards unit connected prices successful the short-term."

Daniel Austin, CEO and co-founder astatine ASK Partners, said: "We are seeing a greater assortment of lodging options, specified arsenic co-living schemes, coming to marketplace which fulfil the increasing requirements of younger nonrecreational buyers. If prices flatten and interest rates commencement to fall, we volition spot much first-time buyers capable to measurement onto the spot ladder.”

Alice Haine, Personal Finance Analyst astatine Bestinvest by Evelyn Partners, said: "Existing homeowners considering a determination tin besides payment from little spot taxation charges provided they implicit their woody earlier the extremity of March. At that constituent the impermanent stamp work alleviation reverts to the previous, higher levels though immoderate first-time buyers look determined to propulsion up with purchases, contempt the taxation interruption change, to instrumentality vantage of amended affordability conditions.

East Midlands - mean location terms £245,352 up 3.3% (annual).

Eastern England - mean location terms is £337,267 an summation of 2.7%.

London - mean location terms is £548,288 a emergence of 2.8%.

North East - up to an mean of £178,696, an yearly summation of 5.2%.

North West - mean terms of a location £239,772, an summation of 4.5%.

Northern Ireland - mean terms £205,473 up 5.9% connected an yearly basis.

Scotland - mean terms of a location £210,690 up 2.4%.

South East - mean terms is £391,298 up 2.9%.

South West- mean terms of a location is £308,424 up 4.0%.

Wales - mean terms is £227,397 up 3.6%.

West Midlands - mean terms is £261,280, an summation of 4.0%.

Yorkshire and the Humber - mean terms of a location is £215,764 up 4.6%.The mean spot terms successful January was £299,138, Halifax said.