Annual UK house prices rise in April for second month

Annual UK house prices rose in April for a second consecutive month, up from an increase of 0.9% in March to 1.1% last month, according to the Office for National Statistics.  

The average British house price was £281,000 in April, which is £3,000 above what it was one year ago. 

In England, annual house price inflation was highest in the North West, at 3.8%. London was the region with the lowest annual inflation, where prices dropped by 3.9%. 

The Royal Institution of Chartered Surveyors reported that buyer demand stabilised in April following three months in a row of recovery. Loss of momentum was mainly observed in London and areas in the South of England. RICS also noted an increase in the number of new listings, while average stock levels have risen to a three-year high. 

“This period of calm is an opportunity for both buyers and sellers alike. Sellers can benefit from continued strong buyer demand, while a more balanced market may offer better value for buyers, particularly those looking to own their first home,” said Iain McKenzie, chief executive officer of The Guild of Property Professionals. 

UK property transaction statistics published by HM Revenue & Customs found that volume transactions decreased by 3.3% between February 2023 and February 2024. In England and Wales, it was 4% and 1.5% lower, respectively. Whereas the volume estimate rose by 2.9% in Scotland and 3.5% in Northern Ireland. 

HMRC showed that, on a seasonally adjusted basis, the number of transactions of residential properties with a value of £40,000 or greater was 9.8% higher than 12 months previously. 

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Nathan Emerson, chief executive officer of trade body Propertymark, commented: “With the tide now decisively turning regarding inflation, the attention is now firmly focused on when the Bank of England feels confident enough to start lowering the base rate.

“Once this journey starts to happen and when the political landscape simmers down following the general election, we should see a stable market for the foreseeable future.”