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House prices rise £24,000 in a year

The average house price in the UK has risen by £24,000 in a year to £274,000.

In some some areas people now need 36 times their annual earnings to buy a home, according to the Office for National Statistics.

Annual house price growth eased slightly to 9.6% in January, from 10% in December. But increases have been seen across the country, with average house prices going up to £292,000 in England (9.4% annual growth), £206,000 in Wales (13.9%), £183,000 in Scotland (10.8%) and £159,000 in Northern Ireland (7.9%).

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