Annual house price growth climbs to 1.1%

The annual rate of UK house price growth climbed to 1.1% in the year to April, up from a revised increase of 0.9% in March, according to the latest UK House Price Index published by the Land Registry.

Figures showed that the average house price stood at £281,000 in April, a level £3,000 up on a year ago.

Across the home nations, average house prices in the year to April increased in England to £298,000 (0.6%), in Wales to £208,000 (0.4%), and in Scotland to £190,000 (4.5%). In Northern Ireland, the average house price increased in the year to Q1 2024 to £178,000 (4.0%).

Of English regions, annual house price inflation was highest in the North West, where prices increased by 3.8% in the 12 months to April. London was the English region with the lowest annual inflation, where prices decreased by 3.9% in the same period.

Head of mortgages at Atom bank, Richard Harrison, commented: “House prices have risen for two months in a row now, a clear symptom of improved levels of optimism among buyers. Would-be purchasers are feeling more confident about pushing on with transactions, however this morning’s inflation news has seemingly dampened economists expectations around any imminent cut to base rate, which will clearly impact mortgage rates.

“While there are mixed messages around the immediate prospects of the market, estate agents are reporting significant jumps in the number of prospective buyers registering with them, at a faster rate than increases in supply, and that is driving prices higher. That is feeding through into increased activity levels, with estate agents seeing the number of agreed sales improve to the highest level in two years.”

Technical director at Legal & General Surveying Services, Malcolm Webb, added: “Inflation has met the 2% target, and despite tangible affordability challenges, we are still seeing strong demand across the board, particularly from first-time buyers. But make no mistake – in the current market, getting independent expert advice is the best way to filter out the noise and find the best product for your needs and circumstances.”



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