The housing market has had its strongest start to the year in 17 years, according to Nationwide.
Annual price growth increased to 11.2 per cent in January from 10.4 in December -the sixth consecutive monthly increase. Across the UK, the average house price in January was £255,556.
The lender has warned that the property market will slow this year. Its chief economist Robert Gardner said: "House price growth has outstripped earnings growth by a wide margin since the pandemic struck and, as a result, housing affordability has become less favourable. For example, a 10 per cent deposit on a typical first-time buyer home is now equivalent 56 per cent of total gross annual earnings, a record high."
The Sun