The latest house price index from the Office for National Statistics (ONS) puts the price of an average house at £220,094 in April 2017. This is an increase of £12,000 over April 2016 and £3,000 higher than in March.
“The main contribution to the increase in UK house prices came from England,” says the ONS “where house prices increased by 5.7% over the year to April 2017, with the average price in England now £237,000. Wales saw house prices increase by 4.2% over the last 12 months to stand at £148,000. In Scotland, the average price increased by 6.8% over the year to stand at £146,000. The average price in Northern Ireland currently stands at £124,000, an increase of 4.3% over the year to Quarter 1 (Jan to Mar) 2017.”
In England the price of an average house was the highest in London at £483,000, with the North East being the lowest with £123,000.
Commenting, Doug Crawford, CEO of My Home Move, said:
“A strong performance in April’s house price data is testament to the robust nature of the property market, especially in light of the snap election. However it is important not to be complacent. We urge the new Government to focus its attention on the pledges made in the White Paper and to appoint a new Housing Minister quickly, to ensure that the housing stock which is desperately needed is delivered and that the developers answer the calls of home movers, to build suitable homes that meet their needs.
“The good news is that there is a continued demand from first time buyers and signs that the mortgage market is supporting those taking their first step onto the property ladder. My Home Move’s research found that 57% of aspiring buyers remain confident about their chances, but increases to prices at a time of poor wage growth still makes home ownership a significant challenge.”
Richard Snook, senior economist, PwC, said:
"In the first set of numbers released since the General Election, the official ONS and Land Registry house price data showed that average UK house price inflation rose to 5.6% in the year to April, from an upwardly revised 4.5% in March (initially reported as 4.1%).
"This increase goes against the general pattern of slowing growth since summer 2016, as average UK prices leapt by £3,500 in the month from £216,600 in March to £220,100 in April.
"There was broad based strengthening across the regions – in particular, annual growth in London rose from 1.5% reported in March to 4.7% in April. Meanwhile in Scotland, prices surged by £8,000 from £138,000 in March to £146,000 in April. This is the biggest monthly gain since this series began in 2005.
"These figures go against the recent trend of a Brexit related slowdown that we predicted last year but remain consistent with our guidance of 2%-5% growth in 2017 as a whole."