The latest House Price Index figures show that the cost of an average home in the UK jumped 0.7% between March and April.
The annual rise to April was 1.4%, bringing the cost of the average property to £228,903.
In England, the annual rise was 1.1%, with the average property costing £245,128. The regional data for England shows that:
• the North East experienced the greatest monthly price rise, up by 5%
• the West Midlands saw the most significant monthly price fall, down by 0.2%
• the East Midlands experienced the greatest annual price rise, up by 2.9%
• London saw the largest annual price fall, down by 1.2%.
The average house price paid by first-time buyers was £205,022 in April 2019, which is an annual rise of 0.6%.
In London, on average, house prices rose by 2.4% between March and April. However, there was an annual price fall of 1.2% in the capital, taking the average property value to £471,504.
In England, the average price for a detached house in April 2019 was £374,995. Semi-detached houses had an average price of £229, 599, and terraced houses averaged £199,363.
The figures for new-build homes are compiled up to February 2019, with the average price being £309,985, which represents a 0.2% annual fall.
Please contact us if you would like more information about the legal aspects of buying or selling a home.