Average UK house price jumps £31,000 in one year

The average house price was £31,000 higher in April than a year earlier, according to figures from the Office for National Statistics (ONS).

In the UK, typical property value in April stood at £281,000 in April, up 12.4% from a year earlier.

Some real estate professionals have pointed to more recent numbers indicating a slowdown in the housing market.

They also pointed to nervousness about taking on debt when it is unclear when the surging cost of living will begin to level off.

ONS figures also released on Wednesday showed consumer price index (CPI) inflation rose from 9% in April to 9.1% in May.

The annual growth rate of house prices accelerated in April, after 9.7% in March.

In March, the average house price in the UK was £278,000.

Average house prices in England, Scotland and Wales all hit record highs in April, the ONS said.

House prices generally rose over the year in England to £299,000 (an annual increase of 11.9%), Wales to £212,000 (16.2%), Scotland to £188,000 £ (16.2%) and in Northern Ireland at £165,000 (10.4%).

The South West was the English region with the strongest annual growth in house prices in April, with average prices increasing by 14.1% a year.

The weakest annual house price growth was recorded in London, where average prices rose 7.9% on the year to April.

The average house price in London remained the most expensive of any region in the UK, with an average price of £530,000 in April.

Jason Tebb, managing director of property research website OnTheMarket.com, said from the latest house price data from the ONS: “Evidence of an increase in the number of new instructions means we are seeing the start of a ‘an inevitable rebalancing of supply and demand’.

Jeremy Leaf, a North London estate agent and former residential chairman of the Royal Institution of Chartered Surveyors (Rics), said the fact that the report dealt with figures from a few months ago “means it does not show not yet the slowdown in demand by other reports in recent weeks.

“We are seeing growing nervousness about taking on debt at a time when buyers and sellers have no real idea when and how the rising cost of living will begin to level off.

“Nevertheless, the continued lack of choice and strong job prospects mean there is still little chance of significant price changes at least over the next few months.”

Nicky Stevenson, managing director of estate agent group Fine & Country, said: “The gains are partly being driven by equity-rich landlords looking to trade.”

Alex Lyle, director of Antony Roberts estate agency based in Richmond, London, said: ‘Large family homes in the £1.5m+ bracket are always going for the best final offers, but things that have need for work are getting tougher as people are nervous about rising construction costs. Apartments also stick, especially those without outdoor space.

Michael Bruce, CEO and founder of property website Boomin, said: “It is important to remember that while sale prices provide the most concrete health check of the UK property market, they are reported with a lag.

“So while the market remains seemingly out of step with a series of base rate jumps and the consequential impact this is likely to have on the purchasing power of UK buyers, the reality is that this market sentiment in decline has yet to surface.

“However, while these growing economic headwinds may rock the boat of house price growth, sustained and robust levels of buyer demand, coupled with a shortage of inventory, are sure to prevent a significant decline. .”

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