April sees rise in UK property prices
The average price of homes coming onto the market has reached a record high, according to the new Rightmove House Price Index. April saw average property prices rise by 1.1 per cent on the previous month, placing the new price at £313,655.
Previously, the highest average property price seen in the UK was in June 2016, with the figure standing at £310,471. According to Rightmove, the latest increase is due to strong buyer demand. This is supported by the fact that April saw the highest number of agreed sales since 2007.
Every region of the UK, except London, saw property prices rise during April, with the capital seeing a two per cent fall compared to March, coming to stand at £636,777. However, this is still well above the national average.
The greatest increase in average price was seen in Wales, which experienced a 7.6 per cent jump compared to March, with prices standing at £186,172, on average.
Miles Shipside, Shipside, Rightmove director, said: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs.
“There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007. It remains to be seen what effect the run-up to the snap election will have, though any slowdown in activity will be counter-balanced by the market’s current fast pace.
“Indeed, in locations where choice of suitable property is limited hesitation could mean losing out to others who still decide to act.”
Although the increase in property prices is a positive sign, especially in the face of so much uncertainty surrounding next month's General Election, the price-rise is still lower than the average seen over the last seven years. This time of year has typically seen a 1.6 per cent increase, on average, suggesting that the property market still has some way to go in terms of recovery.