According to UK House Price Index April 2017 figures published this week by the Office for National Statistics (ONS), house prices increased by an average of 5.6 per cent between April 2016 and April 2017.
The key ONS findings include:
The average UK house price was £220,000 in April 2017. This is £12,000 higher than in April 2016 and £3,000 higher than last month.
The main contribution to the increase in UK house prices came from England, where house prices increased by 5.7% over the year to April 2017, with the average price in England now £237,000.
London continues to be the region with the highest average house price at £483,000, followed by the South East and the East of England, which stand at £315,000 and £281,000 respectively.
However, London rental prices grew 1.3 per cent in the year leading to May 2017, an annual growth rate below the averages for both Great Britain and England.
Commenting on the findings, Andy Sommerville, Director at Search Acumen, conveyancing search specialists, comments:
“In the wake of a general election that saw housing affordability issues come to the fore, an uplift in house price growth from March and April will be met with mixed reactions during an already turbulent time.
“With many looking to the property market as a barometer of the wider economy, comfort will be taken in today’s figures, calming anxieties of a possible downturn as we go into Brexit negotiations. It does however remain to be seen whether this growth is simply a false economy, being propped up by a critical lack of housing supply.”
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property and construction markets.