The monthly rate of house price growth rebounded in April, increasing by +0.3% versus the -0.5% decline seen in March.
That’s according to the Halifax and its latest house price index.
House prices were also up 3.2% on an annual basis versus an annual rate of 2.9% seen in March.
This annual rate of growth is the highest seen so far this year and takes the new average house price to £297,781.
Northern Ireland, Wales and Scotland recorded the strongest annual growth in house prices in the UK, with all three nations outpacing English regions.
Northern Ireland annual rises hit 8.1% in March. House prices in the region averaged at £208,220.
Wales boasted the next fastest pace of annual growth, increasing to 4.7% with the average house price at £229,079.
Next was Scotland, up 4.6% year-on-year in April, to an average of £214,011.
In England, the North West showed the strongest growth, up 4.1% with properties costing an average of £240,975.
London continued to see more subdued annual house price growth of 1.3%. However the capital remained the most expensive market for properties in the UK, with an average price tag of £543,346.
The South West had the lowest annual property price inflation, at 0.9%. The average house price here was £304,451.
Amanda Bryden, head of mortgages at Halifax, says: “We know the Stamp Duty changes prompted a surge in transactions in the early part of this year, as buyers rushed to beat the tax-rise deadline.
“However, this didn’t lead to a significant increase in property prices, with the last six months characterised by a stability in prices rarely seen since the pandemic.
“While the market has cooled slightly since this rush, buyer activity remains strong in comparison to recent years.
“Mortgage rates have continued to fall, with most lenders now offering rates below 4%. Coupled with positive earnings growth that has outpaced broader inflation, these factors have helped to steadily improve affordability for many buyers.
“Overall, the market continues to show resilience despite a subdued economic environment and risks from geopolitical developments.
“There is likely to be a bump-up in consumer price inflation as household bills increase, but with further base rate cuts also expected, we anticipate a similar trend of modest price growth this year.”
This article is taken from Landlord Today