UK house prices rose by 0.8% in January

House prices in Britain rose slightly last month. Home owners are reluctant to place their property on the market while prices remain low. UK house prices increased by 0.8% in January. However, the figures were still 2.4% lower than the same period last year, according to the Halifax. The statistics revealed by the Lloyds Banking Group lender highlight that the average price of a British home now stands at £164,173. Halifax's housing economist Martin Ellis said: "We expect limited movement in house prices overall this year. There are, however, likely to be some monthly fluctuations with the risks on the downside".