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Official: House prices up 1.1% in year to April

Official: House prices up 1.1% in year to April
Christina Hoghton
Written By:
Christina Hoghton
Posted:
19/06/2024
Updated:
19/06/2024

The average price of a property in the UK rose to £281,000 in April 2024, up 1.1% year-on-year, or £3,000.

Prices were also up 0.3% between March and April.

That’s according to HM Land Registry, which published its latest UK House Price Index.

It added that average house prices in the 12 months to April 2024 increased in England to £298,000 (up 0.6%), in Wales to £208,000 (up 0.4%) and in Scotland to £190,000 (up 4.5%). The average house price rose in the year to Q1 (Jan to Mar) 2024 to £178,000 in Northern Ireland (up 4%).

Regional split

Annual house price inflation was highest in the North West, where prices increased by 3.8% in the 12 months to April 2024.

London was the English region with the lowest annual inflation, where prices fell by 3.9% in the 12 months to April 2024.

Nick Leeming, chair of Jackson-Stops, said: “While slight, the price growth demonstrates that the UK’s housing market remains competitive, despite higher mortgage rates and economic headwinds.

“Buyers appear undeterred, likely spurred by lifestyle factors, job changes, and the desire to lock in purchases ahead of potential further price appreciation down the line.

“Despite gloomy weather so far this year, vendors are still driven to get their homes on the market.”

Sarah Coles, head of personal finance at Hargreaves Lansdown, added: “Average house prices hit an eye-watering £326,248 in April, reflecting the fact that when many of these sales were agreed in January, mortgage rates were falling and buyers were flocking back to the market.

“It’s good news for potential downsizers and homeowners with relatively low levels of equity in the property, who’ll see that equity grow. However, it piles even more pressure on first-time buyers and those hoping to climb the property ladder, who could see their property dreams retreating even further over the horizon.”

Related: Property asking prices remain flat in June