1.7% average house price index rise

The house price index released by the Department for Communities and Local Government shows a 1.7% rise.

The rise which is based on average house prices between December 2007 and January 2008 breaks down the 1.7% rise in the following way:

• Detached houses up 4.3%
• Flats up 1.3%
• Bungalows up 1.1%
• Semi-detached house up 0.9%
• Terraced house up 0.5

Though this is good news for property owners, this monthly figure is lower than the 2.1% rise recorded over the same period last year.

The English region with the highest average house price in January was unsurprisingly London, at £351,096.