The average price of a house in the UK jumped by £24,000 in a year to reach £274,000 in January, according to the Office for National Statistics.
Prices have risen over the year across the UK, with the average house price in England now hitting a record high of £292,000.
The average house price in Wales increased by 13.9% in the year to January 2022, compared to an increase of 12.4% in December 2021, with the average house price in Wales reaching now a record high of £206,000.
Read more: UK property sales up in February
The average house price in Scotland increased by 10.8% in the year to January 2022, compared to an increase of 10.2% in the year to December 2021, the average house price in Scotland now standing at £183,000.
Northern Ireland remains the cheapest UK country to buy property, with an average house price of £159,000
Overall, average UK house prices rose 9.6% in the year to January 2022. Still, the figure is down from the 10% recorded in December 2021.
London remains the region with the lowest annual house price growth, where average prices rose 2.2% in the year to January 2022, compared to 5.1% in December 2021.
Despite being the region with the slowest annual growth, average house prices in London remain the most expensive of any region in the UK, with an average price of £510,000 in January 2022.
The North East continued to have the lowest average house price at £151,000.
Read more: Buy nearly £1,400 cheaper than renting, says Halifax
Karen Noye, mortgage expert at Quilter, said: ‘The latest UK house price index shows that house price growth has continued to slow, but prices have yet to start falling. .
“Many people are already feeling financial hardship due to soaring inflation and the rising cost of living, leaving many people feeling less financially stable than before. Lenders are quick to pass on any hikes in rates on customers, so rising costs will likely put off potential buyers and buying a new home or the first step on the property ladder will be out of reach for many. could see real estate prices fall over the next few months.”
Watch: Will UK house prices ever drop?