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House prices continue to rise

The average house price in the UK rose to 209,454 in April up from 206,890 in March and annual house price inflation was up 0.4 per cent according to the Department for Communities and Local Government.

UK annual house price inflation was 11.3 per cent in April compared to 10.9 per cent in March. England, Scotland and Northern Ireland all saw house price inflation increases but Wales saw a decrease from 9.7 per cent to 9 per cent.

In England annual house price inflation rose from 9.8 per cent in March to 10 per cent in April. In Scotland there was a rise from 14.8 per cent to 17.8 per cent and in Northern Ireland annual house price inflation was 54.1 per cent in April up from 50.1 per cent.

The highest inflation rate was in London followed by the South East.

Royal Institute of Chartered Surveyors senior economist David Stubbs says: “These numbers confirm that the housing market was in rude health at the start of the second quarter. Tight supply conditions were driving prices skywards, but the hikes in interest rates since August have now started to slow the market somewhat. These figures also emphasize the broad nature of the prices rises, with every region of England seeing rises of over 7 per cent in the year to April. As this is faster than earnings are rising, it indicates that first time buyer affordability continues to worsen across the country.”

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