Average UK house price rose by 0.7% month on month in January, index shows

The average UK house price increased by 0.7% month on month in January, amid a “little more positive” outlook for the property market, according to an index.

Property values were down by 0.2% compared with a year earlier, Nationwide Building Society said.

The average UK house price in January was £257,656.

Housing market experts said the report adds to evidence that house price declines are “bottoming out”.

Robert Gardner, Nationwide’s chief economist, said: “There have been some encouraging signs for potential buyers