Readers have reacted to the news that the housing market has had its strongest start to the year since 2005, according to an index.

Annual house price growth increased to 11.2% in January 2022, accelerating from 10.4% in December 2021, Nationwide Building Society said.

But it said it is likely that the property market will slow this year.

Reduced housing affordability is likely to dampen market activity and house price growth, as people’s household budgets are also squeezed by the wider surge in living costs, it warned.

Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth accelerated to 11.2% in January, the strongest pace since June last year, and the strongest start to the year for 17 years.

“Prices rose by 0.8% month on month, after taking account of seasonal effects, the sixth consecutive monthly increase.”

Tom Bill, head of UK residential research at Knight Frank, said: “The high level of market valuations requested by prospective sellers in January indicates that supply will pick up as more owners decide now is the time to act.

Across the UK, the average house price in January was £255,556.

Taking to our website, readers have shared their opinions on the news.

One commenter said: “Make rental costs more palatable. This is what councils and predatory developers state to defend the homes being thrown up on farmland & green sites which in the end mainly go to people who already have a home because first time buyers can't actually afford them.”

Another added: “House price growth will continue whilst there is such a shocking shortage of housing. That is a problem that has been decades in the making and is fuelled by contradictions. On the one hand, the government of the day is criticised for not building enough (both parties, over 50 years), whilst being criticised for being too 'builder-friendly' when they try and make it easier to get planning consent. On top of that, there is almost always fierce opposition to new development, which nowadays is ever more successful in stopping said developments, and so we go on, and the shortage gets worse.”