House prices up 5.1% year-on-year in April

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House prices rose 5.1 per cent in the year to April, according to figures from the Land Registry.

The figures show the average UK house price rose from £171,052 in April 2014 to £179,817 in April this year. On a monthly basis, prices were up 0.9 per cent.

London house prices grew the most over the year, rising 10.9 per cent to £474,544, followed by the South east, which rose 8.8 per cent to £244,238.

The only region which declined on an annual basis was the North east, shrinking 0.6 per cent to an average price of £98,374.

The latest available sales volume data shows there were 54,103 transactions in February, down 17 per cent from 64,994 a year earlier.

Dragonfly Property Finance chief executive Jonathan Samuels says: “The broader fall in the number of property transactions over the last year suggests a natural slowdown in the property market after a period of exuberance.

“Looking forward, activity levels are likely to pick up slightly, in particular at the higher end of the market where fears around the general election outcome have subsided.

“However, don’t expect anything dramatic. While interest rates and the cost of living remain low, and employment levels high, there is still caution among buyers.

“The economy isn’t growing as much as we had hoped for either and eurozone worries remain in play. There is still a fair bit of uncertainty in the market.”