On a monthly basis, house prices rose by 1.1% month-on-month in April, compared to a fall of 1.3% March, Halifax has reported.
House prices in the three months to April were 5.0% higher than in the same three months a year earlier.
In the latest quarter (February to April) house prices were 4.2% higher than in the preceding three months (November to January).The average house price is now £236,619.
In April 2009 average house prices were £154,663 – the low point following the 2008 financial crash. Since then there has been an increase of £81,956, which reflects a 4.3% average annual increase.
Halifax said the sharp 5% rise in April’s annual change figure comes against the backdrop of a particularly low growth rate over the corresponding period in 2018, impacting year-on-year comparisons. This also factors in a notably high growth figure recorded in February this year, driven by a higher volume of London sales and more expensive new build properties.
Russell Galley, managing director of Halifax, said: “The average UK house price now stands at £236,619 following a 1.1% monthly rise in April, as demand and supply of housing remained subdued for another month.
“The index has seen a weaker pace of growth over the last three years, which is consistent with the easing of transactions volumes and housing market activity reflected in RICS, Bank of England and HMRC figures.
“Looking further back, this April also marks 10 years since the lowest point of the Halifax house price index following the financial crash in 2008. Over the past decade annual house price growth has seen the average price increase by £81,956, or an average rise of 4.3% each year.”
Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “The lack of supply and properties coming to the market is most likely continuing to support property prices, while cheap mortgage rates continue to attract those who are ready to take the plunge.”
