North East house prices on the rise

Official figures show house prices in the North East are higher than they were a year ago, despite a national dip in January.

Nationally, prices fell by 0.7% month-on-month in January in the first drop since September, although at £234,000 on average prices are still 2.2% higher on an annual basis, the ONS said.

Experts said that the ONS figures suggest that house prices are likely to see a modest upswing over 2013.

All regions in England recorded year-on-year house price growth, with the East and the North East also recording relatively strong rises, at 3% and 2.2% respectively.

"House prices could well eke out a small gain over 2013 supported by modestly increased activity.

"However, it remains hard to see house prices making a decisive move upward in 2013 given the still difficult and uncertain economic environment."

– Howard Archer, chief UK and European economist for IHS Global Insight