House price growth remained subdued in April, despite record low interest rates and high employment levels. According to the latest Your Move house price index, house prices went up 0.1% for the second consecutive month in succession. Annual house prices increased by 3.5%, taking the average house in England and Wales up to £301,606. Your […]
House price growth remained subdued in April, despite record low interest rates and high employment levels.
According to the latest Your Move house price index, house prices went up 0.1% for the second consecutive month in succession.
Annual house prices increased by 3.5%, taking the average house in England and Wales up to £301,606.
Your Move said that the snap election call in April had little effect on monthly figures, with decisions to buy and sell taken well before, although the market may be affected further down the line.
Oliver Blake, managing director of Your Move and Reeds Rains, said: “Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.
“As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home.”
The West Midlands was the fastest growing region for the second month in a row, surpassing the East of England, with prices up 0.5% for the month.
It was followed by the East of England (0.5%), the East Midlands (0.3%), the North West (0.1%) and Yorks and Humber (0.1%).
House price growth in London fell by 0.1% for the month, while on an annual basis the capital is the slowest region outside the North East (1.0%) with just a 1.4% increase.
The figures come after Nationwide reported that house prices fell 0.4% in April, the first time house prices have fallen in consecutive months for nearly five years.
Mortgage approvals also fell to a six-month low in March, a sign homebuyers are becoming increasingly cautious as they start to feel the squeeze on their finances following last year’s Brexit vote.
Figures from the Bank of England showed the total number of mortgages approved fell by over 2,000 to 122,918. It is the second month in a row mortgage approvals have fallen.
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