ONS: house prices up 1.6% month on month

The latest house price index from the Office for National Statistics (ONS) showed an annual price increase of 5.6% in April.

This takes the average property value in the UK to £220,094.

Monthly house prices have risen by 1.6% since March 2017. The monthly index figure for the UK was 115.4.

In England, the April data shows an annual price increase of 5.7% which takes the average property value to £236,519. Monthly house prices have risen by 1.3% since March 2017.

Wales shows an annual price increase of 4.2% which takes the average property value to £147,921. Monthly house prices have risen by 0.9% since March 2017.

London shows an annual price increase of 4.7% which takes the average property value to £482,779. Monthly house prices have risen by 0.7% since March 2017.

Jeremy Duncombe, director of Legal & General Mortgage Club, said: “An increase in house price growth reflects the growing chasm between house price inflation and affordability. First-time buyers will be the ones who largely bear the brunt of this, as they are either being forced out of home ownership or having to turn to the Bank of Mum and Dad to help find a deposit.

“Although the General Election result may bring a period of caution, our housing market has remained resilient to recent geo-political changes, with the wider economic factors being strong. We saw this through the UK’s decision to leave the European Union around this time last year.

“Instead, the main factor behind continued house price inflation is still the vast difference between supply and demand. Quite simply, we need to build more affordable homes to allow a greater number of buyers to take their first steps onto the property ladder.”

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