Annual house price growth climbed to 12.4% in the year to April, according to the latest UK House Price Index published by the Office for National Statistics (ONS).

The figure is up from 9.7% in March and took the average UK house price to £281,000.

Average UK house prices are now £31,000 higher than in April last year, the ONS confirmed

On a non-seasonally adjusted basis, the figures also revealed that average house prices in the UK increased by 1.1% between March and April this year, which compares to a decrease of 1.3% during the same period a year earlier.

Average house prices have now increased over the year by 11.9% in England to £299,000, by 16.2% in Wales to £212,000, also 16.2% in Scotland to £188,000 and 10.4% in Northern Ireland to £165,000. London remains to be the region with the lowest annual growth at 7.9%.

Reacting to the latest ONS index, head of sales at Standard Life Home Finance, Kay Westgarth, said: “Today’s news is another unmistakable sign that whilst the UK property market is resilient, there may be changes on the horizon, with prices dipping slightly from the highs see earlier this year.

“As demand continues to outpace supply and homeowners weather the cumulative effect of creeping base interest rate increases, alongside a spiking cost-of-living, it’s hardly surprising that many would-be homeowners may be delaying their plans to purchase a dream property.”

Legal & General Mortgage Club director, Kevin Roberts, added: “One of the major groups driving activity, and with it house prices, are first-time buyers. Despite the rapidly approaching deadline for the end of the Help to Buy scheme, there are still a lot of options for borrowers with smaller deposits to take their first step on the property ladder. The availability of high LTV mortgages, for instance, has been vital to supporting these would-be homeowners.

“The wide range of the products on offer, as well as the prospect of further rate rises and frequent repricing of existing offers by lenders, mean that the role of the adviser in this environment is crucial.

“Following the fifth consecutive interest rate hike, borrowers are likely to need the support and guidance of an adviser to source a mortgage that aligns with their financial needs. This is a clear window for advisers to show that they’re truly worth their weight in gold, during what may be a confusing and stressful time for prospective buyers.”

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